
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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Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now trading between the Tenkan sen and Kijun sen level. A downward wave would eliminate the Tenkan sen level, pushing the exchange rate into fresh lows. On the other hand, if the market exceeds the Kijun sen level, USDJPY would target the lower level of the Kumo.
Market View
January was generally a bad month for equities but during the last two sessions of the month risk appetite has returned. The move higher yesterday was led by, tech, growth, small cap and cyclicals which are also the sectors that were hit very hard in January sell-off. VIX down another 3 index points, finish around the 24 level. In the U.S. Dow Jones rose +1.2%, S&P 500 +1.9% and NASDAQ an impressive +3.4%. The Asian markets open this morning are mostly in the green. European futures in the green as well. US futures are pointing a little bit lower this morning.
EURUSD was bid yesterday, rising nearly a figure from the post-FOMC levels, trading currently above 1.12.
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.
The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
US oil exports reached a record last week at five million barrels a day, according to Energy Information Administration data…
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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