
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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CHF/JPY: The pair is trading below the cloud. Downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAG/USD: Silver continuous to stand above 23.6% retracement area. Silver has entered a consolidation phase.
Asian equity markets traded cautiously as the region battled to shrug off the tech-led declines in the US. European stock markets are seen opening mixed on Wednesday, as investors digest the sharp pullback in the tech sector overnight ahead of a fresh round of corporate earnings. The tech-heavy Nasdaq Composite ended 1.9% lower on Wall Street Tuesday as investors dumped mega-cap stocks, the market’s darlings on the way up, on concerns of rising interest rates following comments by Treasury Secretary Janet Yellen. "It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat, even though the additional spending is relatively small relative to the size of the economy," Yellen said at a virtual event Tuesday.
The dollar tried to extend a rally on Wednesday as chatter about the possibility of higher U.S. interest rates and a sell-off in tech stocks soured risk sentiment to the benefit of the safe-haven currency. So far, Federal Reserve Chair Jerome Powell has argued the labor market is still far short of where it needs to be to start talking of tapering asset buying. Three more Fed officials are speaking later on Wednesday providing the opportunity for further market-moving comments. That position could be tested on Friday should the April payrolls report be as strong as some are suggesting. The median forecast is for a rise of 978,000, but estimates stretch as high as 2.1 million.
Oil prices surged Wednesday, with a sharp fall in US crude stockpiles adding to increased optimism the reopening drives in Europe and the US will boost overall fuel demand.
India's central bank asked banks on Wednesday to let certain borrowers have more time to repay loans, among other support measures, amid a major second wave of COVID-19 infections in the country that has led to strict lockdowns in several states.
Looking ahead, highlights include Eurozone & US services & composite PMIs, ISM services PMI, DoEs, Fed's Evans, Rosengren, Mester, ECB's Lane speeches.
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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.
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.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
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