
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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Performance in 2020: +3.8%
Last day range: 0.8752 – 0.8780
52-week range: 0.8280 – 0.9326
While the UK’s response to virus with precautionary measures has been minimal so far, the British businesses do suffer from the coronavirus global consequences. And although Europe faces more significant economic damage altogether, its currency doesn’t seem to lose the battle against the British pound this time. In the middle of February, EUR/GBP came to observe the strategic 2-year low of 0.8280 but chose not to cross it. Since then, it has been rising and currently trades at 0.8775. That’s where it tests the 200-day Moving Average, being above it for the third day in a row. The Awesome Oscillator hints that a correction downwards is possible before the next move upwards. In the latter, psychological resistance levels at 0.8800, 0.8900 and 0.9000 may be the possible targets in the mid-term.
Resistance 0.8800
Support 0.8640
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…
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.
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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