Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EUR/USD edges higher amid upbeat market mood
Information is not investment advice
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.
XAU/USD: Gold after further weakness is trading below the 38.2% retracement area while silver gains.
US Market View
Global shares rose for the 11th day in a row to reach a peak on optimism about the rollout of COVID-19 vaccines and new fiscal aid from Washington, while tensions in the Middle East drove oil to a 13-month high. As more people are vaccinated across key markets such as the United States, and with US President Joe Biden looking to pump an extra $1.9 trillion in stimulus into the economy, the so-called reflation trade has gathered steam in recent days.
Oil prices soared on Monday to their highest in about 13 months as vaccine promised to revive demand and producers kept supply high. Russian Deputy Prime Minister Alexander Novak supported that the global oil market is on a recovery path and the oil price this year could average $45-$60 per barrel.
USA Key Point
- More upsides than downsides for oil in the 1st half of 2021.
- USD/JPY climbs to session high.
- Gold continues to struggle for direction to start the week.
- Cable stays on the hunt towards 1.4000 as the dollar keeps more vulnerable for now.
- EUR/GBP on track towards fresh nine-month lows.
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.