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Market News and Charts for December 19, 2019

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

USD/RUB

The pair will break down from a major support line, sending the pair lower toward its July 2018 low. Russia is holding its largest reserve of US dollar since 2007, report shows. This means that Russia has been holding a larger chunk of US debt, which the country can use to undermine the American economy. Moreover, President Putin said the country has become the largest exporter of wheat and other agricultural products. Russia benefited from the escalating US-China trade war as China banned imports of US wheat and soybean. Concerns that Russia is holding a nuclear arsenal that the US does not possess continues to worry investors as well. Russia has also been taunting the US after a surveillance ship has been spotted near the coast of Florida. Russia has also been increasing its influence in Europe with the creation of the Eurasian Economic Union (EAEU), Eurasian Economy Community (EEC), and Eurasian Customs Union, which is similar to the EU.

FinanceBrokerage - Market News USDRUB ChartEUR/PLN

The is expected to break down from a key support line, sending the pair lower towards a major support line. European Council President Donald Tusk said his home country, Poland, is on the verge of following the United Kingdom. Poland is a member of the V4 Nations, an eastern group that serves as the opposition against the Germano-Franco leadership in the European Union. With their increasing influence in Europe, newly elected president of the European Commission, Ursula von der Leyen, assigned these countries to higher positions inside the commission. The European Union had accused Poland’s ruling party, the Law and Justice (PiS) of breaking the EU’s rule of law. This was after Poland passed a legislation lowering the retirement age of judges for both genders, which the EU said could be used to promote judges close to the party. Hungary and Czech Republic has also become a major headache for Brussels in the recent months.

FinanceBrokerage - Market News EURPLN Chart

EUR/SEK

The pair bounced back from a downtrend channel support line and is expected to breakout from the channel’s resistance line. Sweden ended its five (5) year experiment on keeping its benchmark interest rate below zero (0) percent today, December 19. This leaves Denmark, Japan, and Switzerland to be the only remaining countries with a negative interest rate. The move was a shock to the financial market as developed and emerging economies races towards the negative territory. The Riksbank increased its interest rate from negative 0.25% to a flat zero (0). The central bank’s decision was supported by the country’s stable inflation near its 2% target. A lower interest rate has made borrowing cheaper and can stimulate the economy. The decision will take effect on January 08, 2020. Meanwhile, the European Union is struggling amid the slowdown in the region’s economy, particularly in Germany, added by the looming Brexit.

FinanceBrokerage - Market News EURSEK Chart

EUR/CZK

The pair bounced back from a major support line, sending the pair higher. The single currency is benefiting from comment made by Czech Prime Minister Andrej Babis that his country will not leave the bloc. This was amid the rising scrutiny of the European Commission to the PM, which has been accused of illegally appropriating the EU funds to benefit companies. The billionaire businessman turned politician prime minister has been leading the populist movement in the eastern Europe together with Hungarian Prime Minister Viktor Orban and Polish Prime Minister Mateusz Morawiecki. In line with this, eastern European mayors forged an anti-populism pact to promote the V4 Nation’s capital as liberals. They called out the European Commission to bypass the national governments and fund the cities from these countries directly. This was a major blow to the V4 leaders who have been campaigning against the Germano-Franco leadership in the EU.

FinanceBrokerage - Market News EURCZK Chart

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