Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EUR/USD: upside bias remains strong on the 200-DMA
Information is not investment advice
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.
Fibonacci Levels
XAU/USD: Gold facing a further strength the last hours. Gold continues to flirt with 23.6% retracement area.
US Market View
U.S. stocks are seen opening mixed Wednesday, with tech stocks struggling to hold on Tuesday’s strong gains ahead of key inflation data. Crude oil prices consolidated, after absorbing the shock of another big build in U.S. crude inventories last week and shrugging at the news that Iraq, the second-biggest producer in OPEC, produced above its agreed quota in February. The focus of the day is likely to be on the government’s inventories data, after the American Petroleum Institute’s weekly estimate showed a 12.8 milion barrel surge in crude stocks, the biggest weekly rise since last April.
China’s stock markets also managed to stop the rout, at least for a day, with all of the major indices posting gains of as much as 1%, after monthly data on credit were stronger than expected.
USA Key Point
- Dollar steady ahead of 10-year Treasury auction.
- Treasury yields gradually climb ahead of North American trading.
- EUR/USD turns flat as dollar keeps little changed on the day amid tentative mood.
- XAU/USD consolidates Tuesday's gains below $1,720.
Similar
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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