Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
GBP/USD: still edging higher
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The pair is trading below the cloud. Downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
Fibonacci Levels
XAG/USD: Silver continuous to stand on 23.6% retracement area. Bears have returned during the last hours and send the price lower.
EU Market View
Asian stocks traded subdued after the momentum from yesterday’s intraday rebound and fresh record highs on Wall Street waned. Amazon earnings beat on the top and bottom lines after reporting a 44% increase in sales: +2.4% after-hours. European stock markets are seen opening slightly lower Friday, ending the week on a cautious note following disappointing Chinese growth data and ahead of key European numbers and the continuing first-quarter earnings season. Global stock markets have been pushed to record levels of late by signs of a broad economic recovery, helped by vast amounts of fiscal stimulus and ultra-easy monetary policies.
Today China’s official manufacturing Purchasing Manager's Index fell to 51.1 in April from 51.9 in March, missing forecasts in April as supply bottlenecks and rising costs weighed on production.
French economy also grew more than expected in the first quarter, climbing 0.4% from the fourth quarter, as consumer spending and business investment held up despite coronavirus curbs. More GDP and inflation data are due from the major European countries and the Eurozone as a whole.
Oil prices edged lower on profit-taking Friday, but are still set to end the week with hefty gains as signs of economic recovery stoked optimism of a strong rebound in global demand this year.
Looking ahead, highlights from the macroeconomic calendar include German GDP (Flash), EZ CPI (Flash) & GDP (Prelim), US PCE and Chicago PMI, Fed's Kaplan speech.
EU Key Point
- Japan April consumer confidence index 34.7 vs 34.2 expected.
- Germany reports 24,329 new coronavirus cases, 306 deaths in the latest update today.
- China says the US increasing military activity directed at it.
- China's official PMIs for April: Manufacturing 51.1 (vs. expected 51.8).
- GBP/JPY Price Analysis: Bulls face rejection near 152.20.
- GBP/USD consolidates gains around 1.3950 amid firmer US dollar.
- EUR/USD nears 1.2100 on firmer US Treasury yields ahead of German, Eurozone GDP.
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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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