Markets in Details: 30 January 2019

31 January, 2019

News

  • Apple reported lower holiday sales in its key market, where sales were $52bn from China and Hong Kong last year. Slowing demand, trade war effects, and cheaper alternatives were factors contributing to the weak season. The company reported better than expected earnings on Tuesday, but they were still below initial projections.
  • The risk of a no-deal Brexit has risen. MPs voted against a no-deal outcome by backing the motion to renegotiate the Irish Backstop. Theresa May has two weeks to deliver. Motions to have parliament take control of Brexit process, delay Brexit, or call for a second referendum were either voted down or not selected.

In the Spot Light

  • Markets are waiting for the latest GDP, housing data, as well as the decision on interest rates today from the U.S., while  France and Germany, are due to report their consumer climate, spending, and inflation data.

Upcoming events. All times GMT.

  • 06:30 France will release Q4 GDP figures.
  • 07:00 Germany will release the GfK German Consumer Climate reading.
  • 07:45 France will release its Consumer Spending data.
  • 13:00 Germany will release January’s CPI.
  • 13:15 U.S. will release ADP Nonfarm Employment data.
  • 13:30 U.S. will release Q4 GDP.
  • 15:00 U.S. will release Pending Home Sales data.
  • 15:30 U.S. will release Crude Oil Inventory data.
  • 19:00 U.S. Federal Reserve Bank will release its Interest Rate decision.

Technical Analysis 

  • GBP/USD has broken its short-term upward move and has pierced the immediate support level at 1.3139 falling sharply to trade near 1.3093. Expect the pair to consolidate as it tries to rely on 1.3060 for support or to see its continued decline if it fails. 
  • EUR/USD is rising with a slower momentum than we saw last week, counting on 1.1414 for support which bests the 1.1403 support early in the week. Expect the pair to test 1.1446 which would be a bullish scenario if it succeeds.


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