Market News and Charts for February 11, 2020
Hey traders! Below are the latest forex chart updates for Tuesday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
USD/PLN
The pair will continue to move higher in the following days after it broke out from a key resistance line. Poland agreed to buy $4.6 billion worth of US made F-35 fighter jets. This was amid the increasing gap in the relationship between Poland and Russia. Recently, the two (2) countries are engaged in a word war over who started the World War II. Polish Ambassador to Russia Georgette Mosbacher tweeted that Hitler and Stalin colluded to start WWII. Russian Parliament Speaker Vyacheslav Volodin responded by saying the tweet was an insult to Russians and Americans. The rift between the former USSR (Union of Soviet Socialist Republics) were favorable to Americans. In recent months, the United States has been building up the defense in the eastern bloc. This was after the US and Russia withdraw from the 1987 nuclear pact treaty, the INF (Intermediate-range Nuclear Forces). The US and Russia are also engaged in a Cold War in the Middle East.
USD/SEK
The pair will breakout from a major resistance line, sending the pair higher to retest its previous high. The new Minister for Information Technology of Sweden, Anders Ygeman, stressed his worries about the dominance of Huawei in Europe. The Chinese technology giant has been leading the 5G rollout and the US has no alternative for it. On May 2019, US President Donald Trump accused Huawei of spying for the Chinese Communist Party (CCP). He called his allies to ban the company but only Australia commits to it. Finland’s Nokia and Sweden’s Ericson haven’t received any backing from the US either. Despite this, Sweden is still reliant to the US defense. In a recent Survey, Sweden ranks second among the 29 members of the US-led NATO (North Atlantic Treaty Organization) alliance. 63% of Sweden see the alliance positively, while Poland who takes the top spot at 82% was the most satisfied among the NATO members.
USD/ZAR
The pair will continue its upward movement after it broke out from major resistance lines. The South African Rand will continue to weaken as analysts anticipate a higher unemployment in the country. SA has 29.12% unemployment rate, a bit lower from Libya, the 10th country with the highest unemployment in the world. There are an estimated 6.70 million unemployed people in the country for the past six (6) months. As the country published its unemployment report today, February 11, analysts are looking for higher numbers. This was amid the plunging Manufacturing Production in the country. In December, the manufacturing industry contracted with the -1.5% result, down from 2.7% in November. A group of prominent South African individuals, trade unions, and non-profit organizations, recently sent a letter to President Cyril Ramaphosa. On the letter was a request to sign the draft Copyright Amendment Bill and Performers’ Protection bill.
USD/RUB
The pair will breakout from a key resistance line, sending the pair higher towards a major resistance line. The last nuclear treaty between two (2) nuclear-armed countries, the United States and Russia, is on its final year. The New START (New Strategic Arms Reduction Treaty) limits signatories to 1,550 deployed nuclear warheads. However, analysts are worried that US President Donald Trump will not extend the deal. This was amid China and North Korea’s rising nuclear capability. China has 400 deployed nuclear warheads, but analysts said that the country might have possessed more weapons. In relation to this, Russia is also increasing its spacecraft capabilities. This was amid the creation of US Space Force, the 8th branch of US military, last December 20, 2019. A recent report shows Russian spacecraft following a US spy satellite. In other news, Russian President Vladimir Putin’s popularity is decreasing in Russia and abroad.
