Markets in Details: 24 January 2019

24 January, 2019

News

  • After Dyson announced it was relocating its head office to Singapore on Wednesday, Airbus issued a statement to the effect of saying it would leave the UK should a no-deal Brexit happens. The company employs 14,000 workers and supports more than 100,000 jobs in the UK.
  • The British pound strengthened after comments made by several senior stakeholders from the UK, France and Germany who are in Davos suggest support for a deadline extension is increasing.

The focus of attention

  • Markets are keenly awaiting to assess manufacturing and services PMI numbers from several key economies today including France, Germany, EU and the U.S. as well as react to Japan’s latest CPI reading.

Expected events. All times GMT.

  • 08:15 France will release January Manufacturing and Services PMI.
  • 08:30 Germany will release January Manufacturing and Services PMI.
  • 09:00 EU will release January Manufacturing and Services PMI.
  • 12:45 ECB will release the latest Interest Rate Decision.
  • 13:30 U.S. will release Initial Jobless Claims.
  • 14:45 U.S. will release January Manufacturing and Services PMI.
  • 23:30 Japan will release its latest Core CPI reading.

Technical Analysis

  • EUR USD looks set to erase all of Wednesday’s gains as it dropped sharply by 08:45 GMT. Near-term the pair has a momentum support at the RSI 41 level. Weakness that penetrates this support would signal bearishness for the session.
  • RSI for GBP USD has normalized to 50 but the pair appears to be holding on to gains made during the week. Expect for it to consolidate before we could see continuation or reversal from current price levels. As it recently moved above its 50SMA and has bounced off the 200SMA twice over the last two weeks, a continuation could be expected.


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