Home Forex Market Update – January 19 – Stocks Fall, USD Rises on Weak Data, JPY Pulls Back

Market Update – January 19 – Stocks Fall, USD Rises on Weak Data, JPY Pulls Back

by SuperiorInvest

Poor data (Retail Sales and PPI) from the US contributed to recession fears – More Hawk comments from a number of Fed spokesmen talking 5.25-5.5% terminal rates added ca safe harbor offer for American dollarcaused Stock markets to collapse (-1.24% to -1.81%) below key technical levels and speculators to back YEN and press on COMBAT once again. The bonds ralliedUS 10-year yield fell to 3.75%. Asian markets are lower and rangebeound and European FUTS are also mixed. NZD unmoved by PM’s surprise Ardern he will step down in February before the October elections.

  • The USD index hit a new 7-month low 101.25, before data and recovery 102.00 Handle.
  • euros – holds on 1.0800 Now, after a new 8-month rise 1.0870.
  • JPY – Rip roaring day from 131.60 yesterday’s highs completely reversed and back to the test 128.00 Now.
  • GBP – Sterling violated 1.2400, according to US data and currently trades at 1.2335.
  • Stocks – US markets were weak until the end (-1.24% to +10.81%). 500 USD -1.56% on 3928 and below the 200 EMA and testing the 50MA. PNC -6.04%, UAL -4.57%, 500 USD Shop FUTS for 3937.

  • USOil – regrouped for testing $82.50 before US economic data and stocks pulled it lower $79.00 where he now holds.
  • Honey – tested $1900 again today from the heights 1922 dollars yesterday, trades on 1912 dollars Now.
  • BTC – Continues to hold over 20 thousand dollars this week but gave up 21 thousand dollars today trade on 20.7 thousand dollars

Today Building permit/commencement of housing, weekly claim, Norges Bank & CBRT Notice, ECB recordsSpeeches from Fed Williams, Brainard & Collins, ECB Lagarde, Schnabel & Knot, Earnings – Procter & Gamble and Netflix.

The biggest FX Mover @ (07:30 GMT) AUDJPY (+1.41%). Rejected and reversed post BOJ rally on 92.00, tanking almost 400 pips to test 88.00 minimums. MAwith aligned below, MACD histogram and signal line negative and falling. RSI 22.87, OS & falling, H1 ATR 0.239, Daily ATR 1.278.

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Stuart Cowell

Chief Market Analyst

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