Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
USD/JPY trades to a new session low
Information is not investment advice
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
XAG/USD: Gold moves below the 23.6% retracement level. It seems that silver has the potentials to move higher from this stage.
US Market View
U.S. stock markets are set to open with a modest bounce after their worst day in over a month on Monday. Hopes for a stimulus package for the U.S. economy in the near term all but died as Majority Leader Mitch McConnell adjourned the Senate until November 9. Senate Republicans have been the major stumbling block to a deal in recent days, refusing to go along with President Trump’s calls for a bigger package. Two of Europe’s largest banks posted stronger-than-expected results, putting pressure on the continent’s regulators to lift their current bans on dividend payments.
US Key Point
- US dollar slump quickly halted
- EURUSD trades between 100- and 200-hour moving averages
- US Sept prelim durable goods orders come at +1.9% vs +0.5% than expected
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?