
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
Fibonacci Levels
XAG/USD: Silver continuous to stand below 23.6% retracement area. Bullish pressure is growing day by day.
EU Market View
Asia-Pac stocks were mostly positive in what was a modest improvement from the subdued performance on Wall Street. Asian shares rose on Wednesday and the U.S. dollar languished near multi-month lows after U.S. Federal Reserve officials reaffirmed a dovish monetary policy stance, reassuring investors worried about the prospect of rising inflation. Richard Clarida, the Fed's vice chair, said on Tuesday that the U.S central bank would be able to curb an outbreak of inflation and engineer a "soft landing" without throwing the country's economic recovery off track. All the same, Clarida's comments reflect a shifting tone at the Fed. A month ago, Fed Chair Jerome Powell said it was "not yet" time to even contemplate discussion of policy tapering, but more recently policymakers have acknowledged they are closer to debating when to pull back some of their crisis support for the U.S. economy.
A similar shift was evident in New Zealand, where the central bank held interest rates at a record low on Wednesday but hinted at a hike as early as September next year. The prospect of higher rates sent the New Zealand dollar soaring more than 1%.
The dollar edged lower in early European trade Wednesday, trading near its lowest levels since early January as Treasury yields weakened with Federal Reserve officials continuing to present a dovish view. Federal Reserve officials have been keen this week to get the message across that they see any elevated inflation pressures as temporary and thus the central bank will keep its current dovish monetary policy unchanged for now. The European Central Bank should not reduce the pace of asset purchases from next month, ECB board member Fabio Panetta said on Wednesday, joining a growing chorus of policymakers calling for continued stimulus. With the recovery now well underway, pressure is growing on the ECB to start curbing its emergency measures. But several key policymakers have pushed back in recent days, suggesting that any reduction in asset buys after the June 10 policy meeting is highly unlikely.
Gold was up on Wednesday morning in Asia, erasing its 2021 losses as signs of inflationary pressures stoked investor concerns and the U.S. Federal Reserve assured investors on the outlook for monetary policy.
EU Key Point
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…
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?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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