The Spike is Almost There

The Spike is Almost There

Morning, traders!

China delays GDP data because of potentially harmful numbers, but we will never delay our news because every release is an opportunity to trade on it! Also, Chinese officials debate cutting the quarantine for newcomers from ten days to seven. USDCNH is down 300 points. Moreover, analysts expect Chinese leader Xi Jinping to get a third term in the Chinese national congress. He may remain the President of China for another four years. which will make him rule for 12 years straight. 

The Bank of Japan is afraid of doing anything

The USDJPY surged to the highest level since 1990, touching the critical resistance of 150. We expect sellers to step into the game on the current levels. Also, the Bank of Japan should intervene in the currency rate. Still, there’re no statements from the bank’s members. Meanwhile, BoJ holds an unscheduled bond-buying program for the first time since the plan for Q4 2022.

Sellers need to enter the game and push USDJPY below the rising channel. Double divergence on the RSI shows a lack of momentum, and we expect the pair to reach 148.10 in a couple of days. 


What else you should know for today:

  • Federal Reserve member Bullard said Fed needs to reach the highest rate level at which inflation starts to shrink before making other moves. Still, he expects to see a slowdown in rising prices over 2023.
  • Monthly CPI in Canada surpassed expectations (0.1% actual vs. -0.1% forecast). However, USDCAD remained still because Median CPI (another inflation measure) was down by 0.1%. Economists expect the Bank of Canada to continue its aggressive rate hike campaign.
  • An unusual transaction happened in the Ethereum network. Someone paid 121 ETH ($150 000) as a fee for a transfer from one address to another. It’s one of the biggest fees paid ever. There are rumors such actions is a fraud and may lead to an emergency upgrade of the blockchain.
  • Liz Truss has fired a minister because of the security breach. Many lawmakers in the UK want her to resign immediately, after only six weeks in the post. GBPUSD is about to have another red week.
  • Europe is buying cheaper Brazilian ethanol, tripling imports to cope with the energy crisis. Meanwhile, the gas price in the EU fell to $1170, the lowest since June. 

Good luck in trading!


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.

Latest news

Crucial News For The Following Week
Crucial News For The Following Week

Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!

Focus on Banks' Meeting and NFP
Focus on Banks' Meeting and NFP

The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.

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