
The G20 summit took place in Bali, Indonesia, on November 2022…
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On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
The central bank had announced in September it would be buying fewer bonds off the back of surging consumer prices. For now, ECB decided to keep interest rates and its monetary policy unchanged despite ongoing inflationary pressures. Inflation in the eurozone hit 3.4% in September, representing a 13-year high.
Some market participants believe the ECB is underestimating current inflationary pressures and will therefore likely have to announce a rate hike before the start of 2023. But Lagarde said that the rates won’t be hiked anytime soon and that their anticipation and their analysis on the economic situation is correct.
Moreover, if to speak about the US, rate hikes may come in the States way earlier. Inflation in the country has already hit 5.4% and doesn’t plan to stop. If so, USD may rise significantly against EUR.
The currency is in a precarious position. Although the falling wedge had been broken, which is quite bullish, lots of moving averages are ahead and the fundamentals are multidirectional. Nevertheless, if the EUR/USD pair overcomes the resistance at 1.17, then 1,18 will be the next stop.
EUR/USD daily chart
Resistance: 1.170; 1.180
Support: 1.158; 1.150
For the EUR/JPY pair, the figure is similar. While yen is weak amid QE continuation, euro may surge higher to the resistance at 134.4. But be aware of possible divergences on the RSI oscillator, they can help you to spot the upcoming reversal.
EUR/JPY daily chart
Resistance: 134.4; 135.0; 142.0
Support: 131.6; 130.8; 128.0; 127.0
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
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.
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.
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