China Stocks are About to Jump

China Stocks are About to Jump

It’s Wednesday, my fellow traders! The day is filled with news and events you need to know, and here’re some of them.

Events to follow

BOC Rate Statement, 18:00 GMT+2

BOC Overnight Rate, 18:00 GMT+2

Chinese protests and HK50

Chinese imports and export plummeted due to Covid-19 restrictions. The current trade activity is the lowest since 2020, with a 10.6% year-on-year decrease in imports and an 8.7% decrease in export. Also, because of protests across the country, Chinese President Xi said the Omicron variant is less dangerous, giving hopes for further relief in lockdowns.

As for the primary gauge of the Chinese economy, the HK50 index, it’s moving under the critical trendline and 200-daily MA. As strict measures loosen, we will likely see a breakout and a bullish wave over the following weeks. On the other hand, a further tightening of the Covid—19 policy would mean the HK50 plunge to 17 000.


Other news you should know 

  • Australian quarterly GDP turned out to be lower than expected (0.6% actual vs. 0.7% forecast).
  • The US housing market collapsed by 30% year-on-year, which makes this correction the harshest since 2008. The monthly drop of -2.3% in Great Britain is the largest seen since October 2008, too.
  • Microsoft and Nintendo agreed to a 10-year deal to bring Call of Duty to Nintendo gaming platforms. However, the agreement depends on Microsoft closing its $69 billion acquisition of Activision Blizzard.
  • Binance exchange entered the Japanese market again after it was forced to leave a year ago.

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USD Holds the Line
USD Holds the Line

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. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

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. 

Latest news

Increased Volatility is Coming
Increased Volatility is Coming

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.

Market Crash Incoming?
Market Crash Incoming?

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.

What Currency Will Overperform?
What Currency Will Overperform?

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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