Market News and Charts for October 23, 2019
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!
EUR/SEK
The pair failed to breakout from its 10-year high, sending the pair lower towards a major support line. Sweden is on the rise following the rise of the “green parties” inside the European Union. This was amid the popularity of Swedish teen activist Greta Thunberg who met with world leaders to campaign for climate change. This gave the country attention from political analysts and from investors. Sweden’s central bank said that it sees holding to its -0.25% interest rate through 2020. Aside from this, Riksbank said there is a possibility that the central bank might hike its interest rate. This was contrary to the rate cuts trend happening around the globe. In politics, Swedish Prime Minister Stefan Löfven increased his pressure for the European Union to sanction Turkey. This was due to the country’s increased military action in Northern Syria. The move by Turkey pushed the Kurdish fighters and Syrian civilians to seek migration to the EU.
EUR/CZK
The pair will continue to move lower in the following days, sending the pair lower towards a major support line. Czech Republic is going back to the European Union. This was after the visit by the European Commission president-elect Ursula von der Leyen. The Czechia government announced that they had broken up an espionage by the Russian Federal Security Services or FSB. This will benefit its allies, the EU-member states and the United States, who have growing concerns of Russia’s growing military intelligence. On the other hand, Croatia received a green light to join the Schengen Area. This was in preparation for its membership in the European Union. This effort was led by the Czech Republic after its politician was appointed by Von der Leyen as the minister for the EU enlargement. Czech Republic, together with the other eastern bloc, were also part of the EU enlargement back in 2004.
USD/HUF
The pair is seen to continue its downward movement towards a major support line. Hungary is moving away from America following the controversial phone call between President Trump and President Volodymyr Zelensky of Ukraine. The call was deemed to pressure Ukraine to investigate Joe Biden, a presidential candidate for the 2020 U.S. Presidential Election. Trump is also seeking a reelection bid on 2020 and is already making strategies to gain the lead in the polls. Prior to World War I, Hungary’s territorial reach extend to some of its neighboring countries, including Ukraine. The cornerstone of Orban’s policy since he was first elected in 1998 was enhancing the national identity of ethnic Hungarians. This helped him to win consecutive elections as support for him by Hungarians abroad grew. The call by Trump towards Ukraine made Hungary angry as some of ethnic Hungarians in the country will be affected.
USD/MXN
The pair is expected to breakdown from a major uptrend support line, sending the pair lower towards another major support line. U.S. President Donald Trump is already desperate to pass key policies he promised during the 2016 U.S. Presidential Election. Trump is seeking a reelection bid for 2020 for his second term. His efforts extent to a phone call with Ukraine president Volodymyr Zelensky. Trump asked Zelensky to investigate Democrat’s potential presidential candidate, Joe Biden. Now, he blasted Speaker of the House Nancy Pelosi for delaying the ratification of the USMCA (United States-Mexico-Canada). Aside from this, Trump also promised in 2016 to build a wall between the U.S.-Mexico border. However, Pelosi argued that the wall is costly. President Trump had then tightened the process of Mexican seeking to enter the U.S. including remaining in Mexico while reviewing the applicant’s asylum request.
