
The G20 summit took place in Bali, Indonesia, on November 2022…
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Analysts from TD Securities claimed that "risk sentiment could struggle to find near-term highs just as the global growth backdrop shifts lower, leaving us inclined to hold a sell on rallies posture for the EUR. With this in mind, we implement a short EURUSD position as our Trade of the Week".
The bank sees investor sentiment and the stock market’s performance as key drivers. Indeed, Biden’s stimulus package isn’t likely to be unveiled till mid-March. In combination with the vaccine delays, these issues worsened the sentiment.
Besides, investors express concerns about whether the global stocks are overextended or not. As a result, the backdrop in stock growth increases the demand for the US dollar. Moreover, Fed’s meeting this Wednesday may trigger a pick up in the yields, if the Fed claims to withdraw stimulus earlier than expected. Rising yields will underpin the USD.
TD Securities expects EUR/USD will reach 1.2050 by the end of January.
On the daily chart, EUR/USD is supported by the 50-day moving average at 1.2100, which the pair has failed to cross several times. However, we shouldn’t rule out that the euro may drop below this level amid the current strong fundamentals. Therefore, the breakout of 1.2100 will drive the pair to the low of January 18 and the lower line of Bollinger Bands at 1.2050. The MACD indicator is moving back and forth near the zero line. When the MACD gets below 0 to turn negative, it can be used to confirm a downtrend. Resistance levels are at the recent highs of 1.2200 and 1.2260.
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.
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?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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