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Market News and Charts for October 11, 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/RUB

On Thursday, the Central Bank of the Russian Federation released its foreign exchange and gold reserves. It came at $611.9 billion, lower than the previous data of $617.9 billion. This came after the country’s inflation figures came out on Wednesday. In September, Moscow’s annual consumer price index advanced to 7.4%. The latest result surpassed analysts’ 7.1% expectation as well as the previous statistics of 6.7%. Likewise, the country’s month-over-month CPI improved by 0.6%, exceeding the economists’ calculation of 0.3% and its precursory record of 0.2%. Meanwhile, the general market is anticipating the central bank’s new interest rate decision for the month, scheduled for release on October 22. Due to the continuing soaring inflation that warns of stagflation, analysts are speculating that the national bank will increase the country’s cash rate. It will then be used as a tool to hedge the rising inflation. Hence, it is forecasted to hike by 7.3% from 6.8% previously. FinanceBrokerage - Market News: EUR/RUB Chart

EUR/PLN

The National Bank of Poland released its foreign exchange reserves for September on October 07. The fresh result came at €143.94 billion or $166.68 billion, higher than  €143.35 billion previously or $165.99 billion. The policymakers stated that the central bank built up its reserves to hedge the country’s soaring inflation. Another tool to prevent the upcoming stagflation is increasing Poland’s interest rates. On October 06, the national bank hiked its cash rates to 0.50%, as expected, from its long-term 0.10% rate. This is the financial institution’s first rate increase since the pandemic began in April 2020. Meanwhile, the market anticipates the announcement of the country’s real inflation and core CPI on October 15 and 18. In September’s preliminary, the annual consumer price index climbed by 5.8% from 5.5%. Likewise, the month-over-month statistics rose by 0.6% from 0.3%. In addition, the core CPI is forecasted to elevate by 4.0%, slightly higher than August’s 3.9% data. FinanceBrokerage - Market News: EUR/PLN Chart

EUR/SEK

The German’s latest industrial production for August sharply declined -4.0% month-over-month, disappointing the -0.4% analysts’ expectations and previous result of 1.3%. The fall is amidst the lingering global supply chain bottlenecks. It is alongside the global semiconductor shortage crisis, largely affecting the automotive industry led by Volkswagen, Daimler, and BMW. These problems are due to the coronavirus pandemic lockdowns that cause borders to close, leading to delays and disruptions of supplies. Meanwhile, the country’s August trade balance result plummeted to $13.0 billion. The fresh figure is lower than the analysts’ calculations of $15.8 billion and the precursory data of 17.7 billion. This negative result is attributed to Germany’s higher import rate than exports. The imports sharply spiked by 3.5%, exceeding the 1.8% estimate the prior reading of -3.6%. On the other hand, the export rate collapsed by -1.2%, below the 0.5% consensus and 0.6% previously. FinanceBrokerage - Market News: EUR/SEK Chart

EUR/CZK

Czech Republic’s construction output grew faster by 1.2% year-over-year in August, against the previous month’s record of 0.5%. It was the country’s fourth-consecutive increase in construction activities, boosted by the growth in civil engineering works. Another factor that pushed the profits was the rise in building activities by 0.8%, sharply higher from July’s -2.2% result. On a monthly basis, the construction output jumped 0.1%. Meanwhile, the country’s annual industrial production for the same month plummeted by -1.4%. It disappointed the experts’ projection of 2.6% and the prior record of 6.8%. It was the first decline in industrial activity since February of this year. The plunge is mainly influenced by unplanned extended holidays in the automobile sector. It is due to the global shortage of critical chips alongside with the planned temporary shutdowns in the energy sector. Further, it declined by 3.2% month-on-month, the largest loss since the pandemic began. FinanceBrokerage - Market News: EUR/CZK Chart



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