Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EURUSD remains in the area of 1.1350
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair is now testing the upper level of the cloud. An upward wave would lead the exchange rate above the Kumo with bullish implications. A failed attempt to move higher will push prices further down within the cloud.
Market View
Equity markets retreated somewhat on Thursday, with most markets recording slight declines. Defensives and growth outperformed, while value cyclicals such as materials and banks lagged. Major US indices closed the day as follows: S&P 500 closed up 0.3%, Dow Jones -0.2%, and NASDAQ 0.5%. Asian markets are rebounding this morning. On the other side of the Atlantic, US futures point higher as well.
In the FX space, yesterday's session was characterised by the rate cut-induced sell-off in TRY and also reflation sensitive currencies, MXN, NOK and ZAR posting losses. Turkish Central Bank cut its one-week repo rate by 1 percentage point to 15% sending USDTRY to 11.29. EURUSD remains in the area of 1.1350.
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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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