What Can Rule the Roost in January 2023?
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
Friday News: PCI Influence Currencies
Yesterday the Bureau of Labor Statistics’ CPI release was the same as expected, and now the inflation in the US is 7.9% year-over-year, underscoring the severe inflationary pressures hitting the US economy, with everything from groceries to rent and airline tickets becoming more expensive for everyday consumers.
Due to that, USD rose against most major currencies. For instance, GBPUSD lost almost 1000 points. Now the resistance is 1.31800 and the support is 1.30650.
JPY fell to its weakest level against the dollar since January 2017 at 116.72 per dollar.
EURUSD failed to get above 1.1100 yesterday and settled around 1.0994 as the ECB's hawkish tone failed to boost the single currency's momentum.
The Hong Kong tech indicator fell more than 6% after the US identified five Chinese firms that could be delisted. US-traded Chinese stocks experienced their worst day since 2008 on Thursday amid renewed concerns from regulators.
Meanwhile, more firms are turning their backs on Russia in response to the invasion of Ukraine. JPMorgan Chase & Co. joined Goldman Sachs Group Inc. to leave Russia.
Today is CAD Unemployment rate release, which can lead to USDCAD’s interesting movements!
Have a good trading day!
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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?
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.
Investor Positivity May Fade After Powell's Speech and CPI Release
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.
