Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EUR/USD trades just north of 1.17
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now testing the upper level of the Kumo. If the bulls manage to withhold the bears’ pressure, it will move above the Kijun sen level with more bullish implications. A failed attempt to move to the north will push prices within the cloud.
European Market View
This week markets will focus on a range of Fed speakers following last week's FOMC meeting: Williams, Brainard and Evans are on the wires today. ECB's Lagarde will also give a speech in the EU parliament hearing today, and ECB will have its annual forum tomorrow and Wednesday.
China's Evergrande developments will also remain in focus with more bond payments due this Wednesday. Chinese September PMIs will be released on Thursday,
In the equities space stocks ended the week broadly unchanged but with huge sector and regional differences both on Friday and through the week. Lots of mowing parts but the fact that yields took a big jump higher on the back a busy central bank week gave renewed tailwind for value companies. US equities on Friday mostly higher with Dow +0.1%, S&P500 +0.2%, and NASDAQ -0.03%. Volatility came back down after the spike Monday and the Evergrande fear diminishing. The VIX index ended the week at 18 after being close to 30 on Monday. This morning markets are mixed in Asia while US and European futures suggest a positive opening.
In the FX space there has been no market reaction to the German election. EUR/USD trades just north of 1.17 - essentially unchanged levels compared to a few days ago.
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Brutal session in the equity markets yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
The U.S. economy added 390,000 jobs in May
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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European Currencies Ahead of the Banks' Statements
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
Will the FOMC Surprise the Markets?
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.
What awaits the Oil Market in February?
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.
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