
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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Fibonacci Levels
XAU/USD: Gold appreciates further as US dollar losing strength. Gold bulls are preparing to send price above 38.2% retracement area.
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
US Market View
U.S. stocks are seen opening higher Thursday, with the tech-heavy Nasdaq outperforming as the Biden administration’s tax proposals may be watered down. The S&P and the Dow are on course for their third straight winning week, ahead of next week’s start of what is expected to be a very strong earnings season. According to data from Refinitiv, earnings for the first quarter of 2021 will see the strongest growth since the third quarter of 2018. Futures tracking the Nasdaq jumped about 1% on Thursday, as tech-related stocks climbed ahead of weekly jobless claims data, while reassurance that the Federal Reserve will maintain its ultra-dovish stance for a longer period supported sentiment. High-growth tech stocks have recovered in recent sessions as U.S. 10-year bond yields backed off from their 14-month highs.
Helping the tone were the FOMC from the Federal Reserve’s March meeting, in which the policymakers acknowledged progress on the economy, but stated that substantial progress on the recovery will likely take "some time", i.e. the easy monetary policy is here to stay. The Fed has made great play that the labor market recovery has much more room to run, and with this mind the weekly unemployment claims data, due later in the session, will be studied carefully.
Also of interest were comments from Biden that he was prepared to compromise on his $2 trillion infrastructure bill, and the associated tax increases, as the package faces difficulties in passing through Congress. The tax plan Biden laid out last week was seen hitting the big technology and pharmaceutical companies particularly hard, as it would limit them from using credits for research and development costs.
USA 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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