
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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Ichimoku Kinko Hyo
EUR/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. It seems that bulls are preparing to return at these levels.
EU Market View
Asian equity markets traded mixed following on from the flat performance on Wall St where most major indices consolidated. European stock markets are seen edging higher at the open Wednesday, as the global economy's outlook brightens, and the region shows signs of getting on top of its latest wave of the Covid-19 virus. The IMF raised its 2021 global growth forecast late Tuesday to 6%, up from 5.5% less than three months ago, citing unprecedented public spending, primarily by the United States.
However, the outlook for Europe is less impressive. Germany, the largest country in the European Union, is only seen growing 3.6% this year, according to the IMF, with its economy having faced different waves of infections and subsequent lockdowns. Additionally, there are concerns about the latest initiative by Euroskeptic Germans to stop Germany putting its financial firepower behind the EU's 750-billion-euro recovery plan.
Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world's biggest fuel consumer, fell. The dollar softened to a two-week low against a basket of currencies on Wednesday after U.S. bond yields declined as traders rolled back aggressive expectations that the Federal Reserve will tighten its policy earlier than pledged.
Looking ahead, highlights include EZ, UK & US final services & composite PMIs, ECB asset purchases & bi-monthly PEPP summary, DoEs, FOMC minutes, Fed's Evans, Kaplan, Barkin, Daly speeches.
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…
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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