
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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Fibonacci Levels
XAG/USD: Silver facing a further consolidation below 23.6% retracement area. Bulls have returned recently.
Ichimoku Kinko Hyo
GBP/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
US Market View
U.S. stocks are set to trade higher Tuesday, continuing the positive start to the week as tech continued its rebound as fears of a prompt policy move to combat inflationary pressures lessened and the reopening trade continued. The impact of the second wave of the Covid-19 pandemic in Europe was laid bare Tuesday by the latest growth figures from Germany, the region’s largest economy.
The German economy shrank more than expected in the first quarter, contracting by 1.8% quarter on quarter and by 3.1% on the year. Household spending fell by 5.4% on the quarter while the savings rate rose to a record high of 23.2%, as curbs linked to containing the pandemic made it hard for consumers to spend their cash. At the same time the U.K. posted a 31.7 billion-pound budget deficit ($45 billion) in April as the new fiscal year got under way, underlining the difficult position the pandemic has created to the country’s public purse.
The international outrage over the move by Belarus to force the landing of a Ryanair jet and arrest a dissident journalist shows no sign of dissipating any time soon. European Union leaders, meeting in Brussels on Monday, agreed to impose more sanctions on Belarus, including economic ones, called on their airlines to avoid Belarusian airspace and authorised work to ban Belarusian airlines from European skies and airports. The EU currently has a travel ban and an asset freeze in place on 88 Belarusians, including President Alexander Lukashenko, and 7 companies, over Minsk's crackdown on protests following a contested presidential election last year. U.S. President Joe Biden added to the pressure by stating that he had ordered his team to “develop appropriate options” to hold those responsible accountable.
USA Key Point
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
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