Markets in Details: 31 January 2019

31 January, 2019

News

  • The Federal Reserve Bank left the key interest rate unchanged on Wednesday after its latest policy meeting, thus signaling that it is going to be patient about further rates and a flexible approach to reducing its balance sheet.
  • A UK High Court approved of Barclays’ plan to shift assets worth $217bn from the UK to Ireland due to Brexit. The Barclays company is transferring business because the bank does not expect the negotiations between the UK and EU to end successfully.

The focus of attention

  • On Thursday, markets may react to the latest manufacturing PMI in China, house price indexes in the UK, retail sales in Germany, GDP in the Eurozone, US home sales and personal spending data.

Forthcoming events

  • 01:00 China releases the Manufacturing PMI and Non-manufacturing PMI in January.
  • 07:00 UK releases the Nationwide House PX. Germany releases the data on retail sales.
  • 07:45 France releases the latest CPI.
  • 08:55 Germany releases unemployment change in January.
  • 10:00 The EU releases GDP and data on unemployment rate.
  • 13:30 The U.S. releases initial jobless claims and personal spending.
  • 14:45 The U.S. releases Chicago PMI.
  • 15:00 the U.S. releases the data on new home sales.

Technical Analysis 

  • GBP USD shot up at around 7pm GMT on Wednesday to test the 1.3120 resistance level so the Thursday session will be important to watch. The pair is currently in a bearish slope which started last week. Failing to overcome the upper resistance will signal continued pessimism this week. The next support level is at 1.3046.
  • EUR USD trended higher on Wednesday, keeping last week’s unconvincing uptrend intact. While the nearest support level at 1.1408 appears considerably strong, the pair could give back some the gains before moving higher given RSI of above 70.


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