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Market News and Charts for May 24, 2021

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

EUR/NOK

Norwegian Prime Minister Erna Solberg announced further easing of COVID-19 restrictions in Oslo. As per the recent data, around 2.4 million vaccine shots have been administered. This figure could fully inoculate a quarter of the country’s population. The average daily vaccination capacity is 28,056, enough to vaccinate 10% of the population in 39 days. As for the recent economic report, the House Price Index in May soared 12.30%. The massive increase in the housing market suggests higher demand for the local currency, which, in turn, will push the krone higher. For the upcoming reports this week, analysts are anticipating upbeat data due to more relaxed restrictions. Estimates for the consumer confidence report is an increase of 2.50%. Meanwhile, unemployment could see a 3.50% figure for May from the 4.00% record last month. If the actual result comes close to the consensus estimate, it will be the lowest recorded number over the course of COVID-19 pandemic. FinanceBrokerage - Market News: EUR/NOK Chart

EUR/HUF

Hungary successfully contained the deadly virus with recent figures showing a massive decline in daily infections. As a result, most restrictions have now been lifted and analysts are expecting robust results in the upcoming reports. Masks are no longer required, curfew lifted, and leisure activities in public areas are now allowed in Budapest. Among the EU member states, Hungary has the highest vaccination rate at 31.4% fully vaccinated individuals. Thus, it will be no surprise that the country will see the fastest recovery in the region. According to Finance Minister Mihály Varga, Hungary will lead the recovery of the 27-member state bloc. ING Bank sees a 5.4% rebound for Budapest in fiscal 2021 after contracting 5.0% last year. Meanwhile, inflation is expected to pick up by 4.0%, which is in line with Hungary National Bank’s annual target of 3.0% +/-1.0%. Also, unemployment projection is at 4.3%, an impressive figure compared to the 7.5% EU average. FinanceBrokerage - Market News: EUR/HUF Chart

EUR/RUB

The Business Confidence index in Russia rose to zero points in Q1 2021. This was despite the growing tension between Moscow and western powers following the inauguration of US President Joe Biden. The increase in the report to the neutral figure was the first time in almost a decade. Analysts believe that the government’s move to terminate existing tax treaties with other countries was the catalyst for the upbeat result. Capital gains and dividends from firms are now taxed in Russia and in countries where investors will receive the amount – a double taxation. This will limit the outflow of cash from Moscow, which could increase the government’s revenue. Currently, oil is the major contributor of Russia’s budget. However, the series of economic sanctions against Russia could replicate the year 2014 when the US led the depreciation of oil to hit Russia following the annexation of Crimea. Ukraine is applying to become a member of the EU and NATO. FinanceBrokerage - Market News: EUR/RUB Chart

EUR/PLN

Demand for the Polish zloty will continue to increase as Warsaw hinted at a possible end of financial support for the local economy. The Polish Development Fund is expecting economic growth for Poland between 4.0% to 5.0% this year after contracting -2.7% in fiscal 2020. Furthermore, the institution is anticipating a continued growth in 2022 by 5.0% to extend the country’s recovery from the pandemic. Poland’s Law and Justice Party (PiS) on Monday, May 24, also sees massive changes in Warsaw’s fiscal balance this year. PiS leader Jarosław Kaczyński sees Polish gross domestic product (in terms of value) reaching the EU average growth thanks to the 7-year EU budget. Poland received 171 billion euros from the EU Commission with an annual allocation of 24.4 billion euros to be spent on projects that could transform the country into a digitized and green economy. Poland is currently one of Europe’s fastest growth economies. FinanceBrokerage - Market News: EUR/PLN Chart



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