Markets in Details: 29 January 2019

29 January, 2019

News

  • While the ECB ended its four-year QE program, Mario Draghi did not exclude the possibility of using this tool. He said it remains an option in the central bank’s toolbox, although the ECB is unlikely to resort to it in 2019.
  • On Monday, U.S. Justice Department announced criminal charges against China’s Huawei, thus renewing tensions between the U.S. and China. The company was charged with violation of sanctions on Iran, money laundering, stealing trade secrets, fraud and obstruction of justice.

The focus of attention

  • On Tuesday, markets are expected to react to the parliament’s vote on Brexit, the latest inflation data from Italy, and consumer confidence indexes in the U.S and France.

Expected events. All times GMT.

  • 07:45 France releases the latest consumer confidence index.
  • 09:00 Italy releases the PPI in December.
  • 15:00 The U.S. releases the CB consumer confidence index.
  • 19:00 The UK’s parliament votes on Brexit.

Technical Analysis 

  • GBP/USD On Monday, the GBP/USD weakened after last week’s growth. The pair is trading near the 50SMA, and 1.3137 is the key level. One should keep an eye on it to understand whether the upward movement is going to continue or the momentum will change.
  • EUR/USD After Friday’s big move, the EUR/USD pair found support at around 1.1402 on Monday and at 1.1425 early on Tuesday. We expect the pair to stay positive while the RSI remains above 60.


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