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EUR and risky currencies, stocks and oil prices surged on prospect for reopening.
It looks like investors turned a blind eye to the US-China trade war. By the way, violent protests have increased in most American cities after Donald Trump promised to deploy military troops to stop them. Nevertheless, the market is mainly focused on the optimistic outlook for economies reopening as lockdowns eased all over the world and life started to come back to normal.
S&P 500 keeps rallying on a high speed. Two shares increased on the S&P 500 Index for every one that decreased. Let’s look at the chart. The price has passed 3080. Now it’s headed to the highest point over three months at 3110. Support levels are 3000 and 2935.
EUR gained on the weak US dollar and the upcoming ECB meeting on June 4 at 14:45 MT time. Analysts expect that the central bank will increase the rescue program by additional 500 billion euros of asset purchases. If EUR crosses the resistance level at 1.121, it will rise further to 1.124. Support levels are 1.117 and 1.11.
As you know, the Australian dollar is really sensitive to the market sentiment. And, today it’s really risk-on! AUD continues climbing up. It has just passed the resistance at 0.69. Now it’s approaching the highest level of this year at 0.7. Support levels are 0.69 and 0.675.
The market continues surprising us today. The Brent oil price has just crossed the unseen level since March 6 – $40 a barrel. If the price breaks out the 100-day moving average, it even may skyrocket to $45. Support levels are 36 and 34. The reason behind is that OPEC+ heads to expand the output cuts. However, things may not be so sunny. Russia may reject to extend supply cuts as rival shale producers can open their taps again on increasing oil prices.
To trade Brent with FBS you need to choose BRN-20N.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
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