Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EUR/USD could attempt a move to 1.2000
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAG/USD: Silver continuous to stand below 38.2% retracement area. Bearish pressure gains momentum.
EU Market View
Asian equity markets traded indecisively as the region took its cue from a similarly uninspiring lead from the US. Looking ahead, highlights from macroeconomic calendar include ECB minutes, US building permits, housing starts, Philadelphia Fed, Eurozone consumer confidence, BoE's Saunders, Fed's Brainard, Bostic, ECB's Schnabel speeches.
The dollar was up on Thursday morning in Asia following its first back-to-back gains in two weeks overnight. Positive U.S. data that continued to raise hopes that the country will see a faster economic recovery from COVID-19 than its global peers. Progress is also being made on the U.S.’ proposed $1.9 trillion stimuluss package, with President Joe Biden meeting labor leaders on Wednesday to canvass support. The Federal Reserve also released the minutes from its January policy meeting on Wednesday, reinforcing its to let the economy overheat while maintaining accommodative monetary policy.
Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt U.S. crude output for days or even weeks prompted fresh buying. EUR/USD edges higher amid a retreat in the US Tr yields. Further upside appears difficult for now as markets are worried about the negative impact of coronavirus lockdown restrictions in Europe.
EU Key Point
- The reflation trade stays on hold ahead of European trading today.
- Oil price jumps, Brent to its highest in over a year.
- AUD/USD testing its overnight high after the jobs report.
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.