
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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AUD/JPY: The AUD/JPY pair is trading between the Tenkan sen and the Kijun sen levels. A failed attempt to move higher will push prices to violate the Tenkan sen level, pushing the market to retest the previous lows.
Today's key event is the US election, where the Democratic party leads according to some polls. Joe Biden, the Democratic presidential candidate, has a 61% chance of winning the presidential election tonight according to the latest update from prediction markets. One of the key states to follow is Florida that is expected to deliver a result early Wednesday morning as it has already started to count mail votes. Trump cannot win without Florida but Biden can still pull it off without it, so a Trump victory in Florida may imply that we won't know the election result for a couple of days.
Despite a strong session for risk, FX moves were very limited in the start of the week. EURUSD grinded a little lower towards the low 1.16s while currently is trading in the mid 1.16 area.
US ISM manufacturing rose to 59.3 in October from 55.4, higher than the consensus expectation of 56.0, signaling that the pace of recovery in the manufacturing sector is accelerating.
Oil rebounded to USD39/bbl yesterday on positive risk sentiment and the news that OPEC could be mulling delaying planned output hikes by three months. Russian producers yesterday met with the Russian oil minister to discuss this option. OPEC is planning to meet on 30 November-1 December.
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…
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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.
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