Markets in Details: 28 January 2019

28 January, 2019

News

  • On Friday, President Trump ended the 35-day government shutdown which would reopen the federal government for three weeks until February 15th. He was quoted as saying the government could shut down again if he did not like the outcome of negotiations in Congress.
  • UK PM Theresa May was reported to have privately briefed Cabinet ministers she would not allow a no-deal Brexit but is not prepared to go public on the matter yet.
  • Weak profit and inflation numbers in China’s manufacturing companies point to continued deceleration of the world’s no. 2 economy. Debt-to-asset ratio of industrial companies dropped 0.5 percent to 56.5 at the end of 2018 and profits declined 1.9 percent in December versus the prior year.

The focus of attention

  • This week, markets will focus on the the FOMC meeting, U.S.  jobs report, ISM Manufacturing PMI, pending home sales, and the final reading from the Michigan consumer sentiment report. China and the UK will also release their manufacturing PMI numbers.

Expected events. All times GMT.

  • 09:00 EU will release the M3 Money Supply reading and Private Sector Loans report.
  • 13:30 U.S. will release the Chicago Fed National Activity report.
  • 15:30 U.S. will release the Dallas Fed Manufacturing Business Index.

Technical Analysis

  • EUR USD rose sharply on Friday surging past its 50SMA and 200SMA pushing RSI well into overbought territory. The lack of higher lows on the 1-hour chart suggest some pullback will be in order this week, so consolidation can be expected early in the week.
  • GBP USD remains upbeat staying healthily above its 50SMA. The short-term analysis is whether the prior resistance at 1.3127 can turn into support for the pair.


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