
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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AUD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAG/USD: Silver continues to stand above the 61.8% retracement area. Bears seem to lose control of the trend.
Asian equity markets were mostly higher and US equity futures resumed last Friday’s advances on Wall Street. Asian shares hovered near record highs on Monday while oil surpassed $60 a barrel on hopes a $1.9 trillion Covid-19 aid package will be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally. Global equity markets have scaled record highs in recent days on hopes for a faster economic revival led by successful vaccine rollouts and expectations of a large US pandemic relief package. US President Joe Biden’s push for his $1.9 trillion Covid-19 relief package gained momentum on Friday after the US Senate narrowly approved a budget blueprint allowing Democrats to push the legislation through Congress in coming weeks with or without Republican support.
Republicans have proposed a $600 billion aid package, less than a third the size of the Democratic plan. On Friday, the Nasdaq and S&P 500 hit all-time highs on stronger than expected corporate results in the fourth quarter, and as companies were on track to post earnings growth for the first quarter instead of a decline. The rallies came even as US data painted a dour picture of the country's labor market with payrolls rising by 49 000, half of what economists were expecting.
US President Biden does not think his proposal for raising the minimum wage to USD 15 will survive negotiations. Looking ahead, highlights from the macroeconomic calendar include Eurozone Sentix, ECB's Lagarde, and Fed's Mester speech.
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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