
The G20 summit took place in Bali, Indonesia, on November 2022…
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The Federal Reserve left the policy unchanged yesterday and signaled that it wouldn’t be ready to tighten the policy anytime soon. After that meeting, the USD dropped and EUR/USD rocketed to the two-months high.
Today, the pair has already reversed down as the demand for the greenback resurged. Fresh worries over the increase in coronavirus cases in India are worsening the market sentiment and therefore supporting the safe-haven US dollar.
Besides, the USA will publish its Advance GDP growth at 15:30 MT (GMT+3), which is widely expected to beat forecasts. If the data is really stronger-than-expected, the USD will get another stimulus to rise and EUR/USD will fall. Nevertheless, in the long term, EUR/USD is likely to move higher as the focus will shift to the European economic recovery.
According to Westpac, “EUR/USD looks set to remain in the upper half of its 1.17-1.22 range, but is likely to struggle towards range resistance.”
In the long term, EUR/USD is moving in a downtrend, while in the short term, it’s trending up. After breaking the upper trend line, the pair reversed down as the RSI indicator came closer to 70.00, signaling the pair is overbought. It may fall to the 100-day moving average of 1.2050, but it’s unlikely to break this level on the first try as it’s strong support, which the pair has failed to cross several times. So, this decline should be just a correction ahead of the further rally up. If it bounces off the 1.2050 mark, on the way up it will meet resistance levels at yesterday’s high of 1.2125 and the high of February 25 at 1.2175.
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
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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