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Market News and Charts for May 27, 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!

 

USD/SEK

The news about the surge in Sweden’s unemployment rate caused the USDSEK to momentarily recover in sessions. However, it appears that bears are rather determined to force the pair lower. The improving market sentiment in the region, which also currently supports other currencies, is helping the Swedish krona rally against the US dollar. The pair is still on track to reach its support in the coming sessions and news about Sweden’s stubborn and persistence on its coronavirus approach is helping buoy the Swedish krona. Just recently, the Swedish government defended its response measures against the coronavirus pandemic, which has controversially received mixed receptions in the global community. The Scandinavian nation has the highest mortality rate in the whole globe, with 40 deaths per 100,000 people. According to Anne Linde, Sweden’s Foreign Minister, the rate of transmission in the country has already slowed down.

FinanceBrokerage - Market News: USD/SEK Chart

USD/ZAR

Further weakness is expected for the US dollar to South African rand trading pair. The momentum may have slowed down today, as the US dollar is seen steadying in the market. But the greenback is bound to weaken as investors continue to sell their dollars for other assets such as the South African thanks to the renewed risk appetite in the market. Fortunately for bearish investors, reports say that the pandemic is easing and that economies around the globe are starting to reopen, news that supports the rand’s direction. Most experts believe that it will be the turning point for the global market, which could continue to weaken the US dollar. Local reports say that South Africans will be able to get back to work in the coming weeks as the country starts to open its economy too. Although it will be a big risk for the government as the coronavirus is still a threat, and it could cause another unfortunate surge in cases or even death.

FinanceBrokerage - Market News: USD/ZAR Chart

USD/RUB

Signs are pointing on a rather favorable run for bearish investors. The successful recovery and stabilization of the crude market are greatly helping the Russian ruble to hold its momentum. Thanks to the drastic supply cuts by global oil exporters, the price of crude has steadied. And with economies reopening, the demand for crude is expected to continue to get better. Another factor that’s supporting the Russian ruble is the improvements in the country’s investor confidence and the renewing risk-on appetite in the world market. The pair is bound to drop to its lowest level since the earlier part of March. Technically speaking, the renewing risk appetite across the financial market that’s supporting the Russian ruble is also the main source of weakness for the US dollar. The news about coronavirus vaccine developments also hinders the safe-haven currency, preventing it to rally against the Russian ruble in trading sessions.

FinanceBrokerage - Market News: USD/RUB Chart

USD/CHF

In the matchup of the two safe-haven assets, the US dollar is bound to lose in the coming sessions. See, both of the currencies are currently struggling against other currencies because of their safe-haven value. But when paired, the US dollar is widely projected to weaken first. The fundamentals that are supporting the Swiss franc outweighs that of the US dollar. Countries across Europe are starting to reopen their economies, and that could help the recovery of the whole region which will greatly be beneficial for the Swiss franc and economy. Looking at today’s candle, it’s very evident that the bears and bulls had a rough tug of war and it came out in favor of bears. Trade tensions between the United States and China caused the pair to rally in the first part of today’s session but it eventually turned around. USDCHF investors are still focused on the intensifying geopolitical tension between the two greatest economies in the globe. FinanceBrokerage - Market News: USD/CHF Chart



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