Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
EUR/GBP: bulls return again
2021-01-29 • Updated
Ichimoku Kinko Hyo
EUR/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 the last day shows a remarkably bullish momentum that send price at 61.8% retracement area.
EU Market View
European stock markets are seen opening sharply lower Friday, with investors cutting positions given the uncertainty surrounding the populist trading movement. Global stocks are set for their worst weekly slide in about three months, partly on the turmoil caused by small traders organizing over online forums, such as Reddit, to force hedge funds to reverse short positions on a series of stocks. Looking ahead, highlights from macroeconomic calendar include German jobs report, US PCE, personal consumption, Canadian GDP, Chicago PMI, Uni. of Michigan (final), ECB's de Guindos, Fed's Kaplan and Daly speeches.
Oil prices were mixed on Friday as a pending supply cut by Saudi Arabia and lower U.S. oil stocks helped counter risks of slowing fuel demand due to stalled vaccine rollouts and contagious new coronavirus strains.
EU Key Point
- Japan January consumer confidence index 29.6 vs 29.0 expected.
- Germany reports 14,022 new coronavirus cases, 839 deaths in latest update today.
- US Treasury Sec Yellen is heading to the White House Friday to give a briefing to Biden.
- China's overnight repo rate has hit its highest since 2015.
EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
Daily Chart 4H Chart Gold began the week higher breaking multiple resistance areas, including 1780 followed by 1800 and closed yesterday's trading above 1800 for the first time since the flash crash that happened few weeks ago…
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.