Analytics

News, Trends, & Analytics 14.01.2022

Rising US Unemployment

Today the focus is on Oil prices, UK inflation, & US unemployment.

 

Calendar

07:00 UTC

The British Manufacturing Production (MoM) for November could impact the GBP through the day. Forecast: 0.2%. If the data is lower than expected the GBP could see negative pressure.

Assets to trade: GBP/USD, EUR/GBP, GBP/JPY


13:30 UTC

The US Retail Sales (MoM) data for December will be announced. Forecast: -0.1%. If the data is higher than predicted the USD could experience a positive push.

Assets to trade: EUR/USD, USD/MXN, USD/SGD

 

News

The number of Americans filing new claims for unemployment benefits unexpectedly rose in the first week of January amid raging COVID-19 infections but remained at a level consistent with rapidly tightening labor market conditions. Affects USD


British consumers enjoyed a blowout Christmas, results from the country’s biggest retailers showed, treating themselves to upmarket food, drink, and clothes before the sober reality of surging prices hits home in 2022. Affects GBP


Major cryptocurrency exchange Coinbase said it is buying a crypto futures exchange, FairX, as part of a move to offer crypto derivatives to traders in the United States. Affects Bitcoin


Oil prices eased on Thursday, but remained near 2-month highs, with Brent crude trading near $85 a barrel, buoyed by expectations that a strong economic recovery will boost demand, but rising US inventories and high inflation capped gains. Affects Brent


Electric cars made up nearly two-thirds of Norway’s new sales in 2021, with Tesla the top-selling automobile brand overall, as the country pursues its goal of becoming the first to end the sale of petrol and diesel cars. Affects Tesla

 

Technical Analysis

EUR/USD

The US dollar has been hit hard as the Omicron variant has wiped out staffs across the country leaving many companies short-handed. The wave has yet to hit the eurozone as hard as it has the US.

Prices have shown a “Three White Knights” pattern directly into testing its resistance area, momentum may stall.

FTSE 100

The index has been climbing over the last few weeks and has shown a “Three White Knights” pattern into new highs and new resistance.

Gold

The precious metal has started testing an old resistance level, with its rising support level prices are trading in a channel and may force a break down the line.

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