
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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Ichimoku Kinko Hyo
CAD/JPY: CAD/JPY surged in today’s session and managed to enter within the cloud. Further bullish momentum will lead the exchange rate to exit the Kumo, with more bullish implications. A failed attempt to move higher will push prices to a retracement down to the Tenkan sen level.
European Market View
Equities started September on a positive note with gains in most regions and across most sectors. Energy and materials the only sectors lower as metal and oil price fell yesterday. Growth and small cap stocks outperformed as the sweet spot for equities got more support from macro data yesterday. Asian stocks mixed this morning as China on the one hand continues to crack down on big tech while the PBOC on the other hand softened a bit by making more low-cost funding available for SMEs. European and US futures are slightly lower this morning.
The OPEC agreed to proceed with its existing plan for gradual oil supply increases, as ministers ratified the 400,000 barrel-a-day output hike scheduled for October. Oil price increases have been an important global inflation driver this year, but despite the planned supply increase, oil prices were little changed on the announcement, with Brent holding steady at USD 71.3 per barrel.
In the FX space, the dollar pulled back yesterday, while commodity and industrial sensitive currencies gained. The terms of trade impact from rising metal prices have hit JPY somewhat in recent sessions and also EUR/CHF has edged higher this week.
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…
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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.
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.
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