In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
China's Economy Recovers
Happy Tuesday, dear traders! Let's check what news is moving the markets right now!
- JPMorgan raised its forecast for China's GDP growth in 2023 to 6.4% from 6% earlier.
- Today, the head of the SEC will speak in front of the US Congress about regulating cryptocurrencies. According to the prepared text, he plans to repeat the thesis that crypto needs to be regulated like securities.
- According to the International Monetary Fund, China will become the largest driver of global economic growth in the next five years, two times the contribution of the US economy.
- Morgan Stanley: the crisis has begun as banks cut lending to record levels.
- Alphabet (GOOGLE) lost $55 billion in market value after Samsung said it wanted to replace Google with Bing on its phones.
- Elon Musk wants to launch an alternative to ChatGPT for finding the truth and exploring the universe - TruthGPT.
USDJPY technical analysis
USDJPY is moving inside the rising channel on the H4 timeframe. Currently, the price is bouncing off the cross point of the resistance trendline and the order block. Therefore, we expect the pair to decline toward the lower channel's border (132.21) in the short term. If the price drops below the support trendline, it will move toward 130.65 and 129.68.
The trade will be canceled if the price breaks above 135.15.
Have a great trading day!
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
Lagarde says difficult times have come, and the ECB raised the rate not to cause a recession but to stabilize prices. Read the report to learn the freshest news of the day!
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Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.