Oil Experiences an 11% Weekly Loss

Oil Experiences an 11% Weekly Loss

Good Friday, wonderful people! Let’s look at the main headlines that are moving the markets today.

Today’s events:

US PPI and Core PPI - 15:30 GMT+2

Prelim UoM Consumer Sentiment - 17:00 GMT+2

The euro is under pressure

According to the RTRS survey, there is an 80% possibility of a recession in Europe. Also, economists anticipate a rate hike from 0.5% to 2% during the next ECB meeting. This decision was already priced into the market, and EURUSD tested the 1.0580 level on the H4 chart. Now, we can expect the retest of the ascending trendline and the support at 1.0450. 


Other important news:

  • Credit Suisse forecasts further strengthening of the Swiss franc amid rising recession fears in Europe.
  • GameStop (GME) rose 10% yesterday, despite the significant losses in the third quarter of 2022.
  • The prices of Brent and WTI have lost over 10% over a week amid global uncertainties.
  • Tesla’s stock, which has lost more than $500 billion in market value this year, is under renewed pressure. Elon Musk may use his Tesla shares as collateral for new loans to replace Twitter debt.
  • Economists expect the Australian economy to stall in the second half of 2023. GDP has been standing still for the last two years. Moreover, today Australian crypto exchange collapsed and suspended 30 000 accounts.

Take advantage of the market and good luck!



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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