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Market News and Charts for April 01, 2020

Hey traders! Below are the latest forex chart updates for Wednesday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!

EUR/PLN

The pair will reverse back towards a major support line after it failed to revisit its previous high. The single currency had its peak following the failure by the European Central Bank President Christine Lagarde to calm investors. Despite major economies cutting their interest rates to counter coronavirus, the ECB decided to hold onto its current rates. Aside from the interest rate cut, some economies extended relief to businesses by introducing stimulus package. The US Congress had recently passed he $2 trillion package by President Donald Trump. The uncertainty towards the Eurozone is making investors skeptic on the euro. Aside from this, Manufacturing PMI report by Germany, France, and Italy today will follow the downward trajectory from their previous reports. Poland, on the other hand, will have higher reading in today’s Manufacturing PMI report. Moreover, analysts believe that unemployment in the European Union will drag the euro down.

FinanceBrokerage - Market News: EUR/PLN Chart EUR/SEK

The pair will fail to break out from an uptrend channel upper middle resistance line. The euro is plummeting against other European currencies. This fall was brought by its three (3) largest economies – Germany, France, and Italy. These countries are expected to enter recession next month following the economic threat brought by coronavirus in Europe. With their March 24 Manufacturing PMI results, analysts are expecting this week’s report to be a disappointing figure as well. Germany had 45.7 points, France with 42.9 points, and Italy at 48.7 points. All these figures indicate a contraction with the Manufacturing Purchasing Managers Index (PMI). However, Sweden stands out from the rest of Europe. The country’s Manufacturing PMI was 53.2 points, higher than the expected 51.0 points and higher from its previous reading at 52.0 points. The result shows an upward momentum in Sweden’s PMI. FinanceBrokerage - Market News: EUR/SEK Chart

EUR/CZK

The pair will break down from the “Pendant” pattern, sending the pair lower. Czech Republic published its first quarter gross domestic product (GDP) report for 2020 that surprised investors. GDP growth was at 0.5%, which is higher than its fourth quarter 2019 result of 0.3%. Analysts were expecting the European Union to dip below zero percent growth for the quarter amid the coronavirus outbreak. Furthermore, the bloc’s largest economies are widely anticipated to enter recession when they publish their report this month. During the fourth quarter of 2019, Germany had a zero percent growth, France at -0.1 percent, and Italy at -0.3 percent. The positive result on Czechia’s GDP was due to the efforts made by the government to counter the coronavirus. On March 12, the government put the country into a state of emergency. This was followed by the $4 billion cash and guarantees by Czech Republic to businesses. FinanceBrokerage - Market News: EUR/CZK Chart

USD/HUF

The pair will continue its rally to retest its previous high. The US market had a roller coaster ride last month following the threats posed by coronavirus to its economy. Currently, the US had already the largest cases of coronavirus around the world. In response to this, the US Congress approved a $2 trillion stimulus package needed to save the US economy. However, this might be far from over. Last week, the US had the largest jobless claim in history at 3.24 million. The US said it is expecting the number to reach 3.50 million this week. However, analysts expect the number to continue growing after US President Donald Trump said the next two (2) weeks might be the most painful time. Death toll relating to coronavirus is expected to reach 240,000. Despite the negative reports, investors are optimistic with the USD. Trump and the Congress were already discussing the next stimulus package on top of the $2 trillion package already approved. FinanceBrokerage - Market News: USD/HUF Chart



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