Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
AUD/USD : looks for a further move higher
Information is not investment advice
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
Fibonacci Levels
XAU/USD: Gold facing a further strength the last hours and trading above 23.6% retracement area.
US Market View
U.S. stocks are seen opening little changed Wednesday, continuing the quiet start to the new month ahead of the much-anticipated monthly employment report.Today the Fed’s Beige Book is released at 2:00 PM ET, while central bank officials Patrick Harker, Robert Kaplan, Charles Evans and Raphael Bostic all take part later Wednesday in a forum hosted by the Minneapolis Fed.
Crude oil prices pushed higher still Wednesday, after OPEC and its allies expressed optimism of a strong recovery in demand in the U.S. and China, the globe’s two largest consumers of crude. Additionally, U.S. crude oil inventories data from the American petrolium institute are due later in the session, with the official numbers from the U.S. energy information administration due on Thursday, a day later than usual following the Memorial Day holiday at the start of the week.
It may be the other side of the planet, but investors could do worse than taking a look at Australia’s economic fundamentals.
Its economy expanded faster than forecast in the first three months of the year, with its GDP climbing 1.8% from the final quarter of 2020, when it rose a revised 3.2%, according to official data. Economists had forecast a first-quarter gain of 1.5%. “The economic recovery in Australia is stronger than earlier expected and is forecast to continue,” Reserve Bank of Australia Governor Philip Lowe said Tuesday, after keeping its policies on hold.
The Turkish lira slumped to a record low against the U.S. dollar earlier Wednesday after President Recep Tayyip Erdogan again called for lower interest rates despite high levels of inflation.
USA Key Point
- US MBA mortgage applications w.e. 28 May -4.0% vs -4.2% prioρ.
- EUR/USD eases to lows of the day as dollar holds firmer on the sessi
- RBA's Debelle: Not expecting wage growth to be high enough until 202
- Dollar firms in European morning trade.
- UK April mortgage approvals 86.9k vs 81.0k expecte
- ECB's Knot: Recovery in Europe seems to be going faster than expecte
- BOJ's Adachi: Decision not to purchase ETFs in May was right, appropriat
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Brutal session in the equity markets yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
The U.S. economy added 390,000 jobs in May
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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European Currencies Ahead of the Banks' Statements
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
Will the FOMC Surprise the Markets?
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
What awaits the Oil Market in February?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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