Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

24.01.23 Macro Afternoon

Published 24/01/2023, 05:13 pm
EUR/USD
-
USD/JPY
-
AUD/USD
-
XAU/USD
-
AXJO
-
STOXX50
-
JP225
-
GC
-
LCO
-
ESU24
-
DXY
-

Asian stock markets are all advancing, making good on the solid start to the new trading week absent Chinese markets which remain closed. Wall Street is behind the big lift in risk sentiment with another surge overnight lead by tech stocks and heightened anticipation that the Fed will finally stop hiking rates.  Currency markets are in the main going against King Dollar with Euro holding above the 1.09 handle while the Australian dollar is staying firmly above the 70 cent level. Meanwhile oil prices are edging slightly higher with Brent crude just above the $88USD per barrel level at its new weekly high while gold is wanting to advance again, now lifting above the $1930USD per ounce level:

 
XAUUSD

Mainland and offshore Chinese share markets are closed for Lunar New Year holidays this week. Japanese stock markets are doing the heavy lifting again with the Nikkei 225 closing 1.5% higher to 27322 points with the USDJPY pair pulling back slightly and remaining somewhat depressed just above the 130 handle after failing to make the nascent breakout overnight stick:

USDJPY

Australian stocks were able to finally advance after a false start to the trading week with the ASX200 finishing 0.4% higher at 7490 points. The Australian dollar kept above the 70 cent level and is now dicing with last week’s intrasession high was momentum gets slightly overbought:

AUDUSD

Eurostoxx 50 and US futures are drifting higher as the S&P500 four hourly chart shows price action wanting to hold above the psychologically important 4000 point zone after its breakout overnight as tech stocks lead the way.  Short term momentum is now back to overbought readings with resistance almost cleared here:

SPX

The economic calendar includes the latest German consumer confidence and a slew of flash services and manufacturing PMI prints for Europe and the US.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.