First Light News
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- February 1, 2023
Good morning. The FP Markets research team produce First Light News around the European open, ensuring traders and investors have the news needed to begin their day. Overnight Highlights Major US equity indices concluded Tuesday on strong footing; the Dow Jones Industrial Average added 1.09%, the S&P 500 added 1.46% and the Nasdaq 100 climbed
READ MORECharts: TradingView EUR/USD Ahead of what is considered a bumper week of events, Monday delivered a largely calm tone across the FX space. Limited tier-1 data and mild risk aversion witnessed a modest dollar bid unfold, consequently weighing on any upside in Europe’s shared currency. The technical framework, particularly the bigger picture, remains unchanged. As
READ MOREIt is all about the central banks this week; the blockbuster week welcomes the US Federal Reserve (Fed), the European Central Bank (ECB) and the Bank of England (BoE), all of which are anticipated to increase rates. The Fed steals the spotlight on Wednesday with markets more or less pricing in a 25 basis-point hike,
READ MORECharts: TradingView EUR/USD The US Dollar Index staged a spirited rebound on Thursday, shaping a daily bullish engulfing formation off daily Quasimodo support at 101.65 on the back of stronger-than-anticipated US growth data. Europe’s single currency consequently fell victim to the dollar upside, down 0.5% at the close of European trading. Where does this leave
READ MOREYour weekly review of technical patterns and structure. The research team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: USD/JPY Descending Channel Breach? Daily Timeframe – Since late November, the daily timeframe’s descending channel on the USD/JPY, drawn from ¥142.24 and ¥133.62, has been in play. Interestingly, we can see
READ MORECharts: TradingView EUR/USD Early London on Monday observed price whipsaw above the $1.09 handle, reaching a peak of $1.0927 before erasing earlier gains and touching gloves with the upper edge of the H1 consolidation between $1.0780 and $1.0868 (active since 12 January). The run of orders above $1.09 is interesting, due to the location that
READ MOREDespite a slow start to the week, as US banks closed their doors in observance of Martin Luther King Jr. Day, there is much to consider. In the US, producer prices (PPI) eased in December to -0.5%, following November’s downwardly revised 0.2% figure. Retail sales also shows that US consumers tightened their purse strings in
READ MORECharts: TradingView EUR/USD Thursday presented another sluggish trading day around Wednesday’s range lows. As aired in Thursday’s technical briefing, price action on the weekly scale touched gloves with the underside of major resistance from $1.0888: Quasimodo support-turned resistance. This, in a market still considered exhibiting a downside bias on the weekly timeframe, brands the aforementioned
READ MOREYour weekly review of technical patterns and structure. The research team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: EUR/USD Diamond Top? H4 Timeframe – Although one of the less frequent pattern formations, it is considered a high-probability structure when it forms. The chart shows a broadening pattern between $1.0867
READ MORECharts: TradingView EUR/USD Europe’s single currency finished Wednesday largely unchanged against its US counterpart. Despite refreshing nine-month tops, the currency pair shook hands with a notable Quasimodo support-turned resistance on the weekly timeframe at $1.0888. This level is also visible on the monthly scale. What’s technically interesting here is that this could be a location
READ MORECharts: TradingView It was a quiet session for the financial markets on Monday with price action range bound as US banks remained closed in observance of Martin Luther King Jr. Day. Given the lacklustre performance, here is a brief reminder of the technical position of the EUR/USD and the US Dollar Index. US Dollar Index
READ MOREIn his first public appearance of 2023, US Federal Reserve Chair Jerome Powell participated in a panel discussion (Central bank independence and the mandate – evolving views) on Tuesday and reiterated the central bank’s commitment to contain inflation. Powell added that ‘restoring price stability when inflation is high can require measures that are not popular
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