Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EURUSD moved a bit higher with the cross currently at 1.1600
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Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair is now trading into fresh lows. Further bearish sentiment will lead the exchange rate lower. An upward wave would lead the market into a correction phase.
European Market View
In the equities space the week started on a solid note and U.S. indices printed new highs. Despite volatility in yields eased, value stocks was the theme of the day, with energy was the standout. U.S. markets all higher with S&P 500 up by 0.2%, Dow Jones up by 0.3% and NASDAQ up by 0.6%. Sentiment changed a bit this morning, with Asian markets mixed and U.S. futures a tad lower.
In the FX front, EURUSD moved a bit higher with the cross currently at 1.1600. Later in the week, on November 4th, the Bank of England (BoE) has its meeting and it could be a key market mover.
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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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