Market Objections and Corrections

By Content-mgr - on January 22, 2019

Market objections and corrections were noted early Tuesday EU Open and throughout the Asian session. As global growth woes forces investors to reconsider their positions.

Most of the traded asset classes were seen lingering in a dovish stance even though investors preferred the safe-havens. The USD was seen displaying signs of steadiness, with the DXY pointing to gains ranging between 96.31 – 96.47.

Global Markets:

Global stocks slipped following Asian shares. It seems they cha-cha danced their way into a bearish zone.

  • Germany 30: Was seen down 0.09% from its resistance of 11,58.6 trading between 11,059.0 – 11,158.6 at 11,112.50 by the time of print 08:40 GMT.
  • Italy 40: Which managed to hold on to gains longer finally bowed to pressure down 0.49% at 19,532.50 and set to be trading backwards from 19,577.50 to 19,502.50.
  • UK100: As market participants geared for a 7k support threshold. The FTSE100 caved in skidding down 0.20% by the time of print 08:40GMT. With a high likelihood of trading down from 6,926.3 – 6,867.5
  • US30: Receded from recent highs in line with Monday’s forecast.  Down 0.50% from 24,642.0 heading to 24,484.5 however shopping around 24,555.0 and 24,650.0

Commodities:

  • Oil: After closing at 54.04 Monday, and ahead of the day’s API crude oil stockpiles. WTI oil is likely going to be trading from 54.32 to 53.24 with expectations for some knee jerking around the time of the release. Although many oil traders may be in awe due to the lack of ready data as the US government enters its 30th day of partial shutdown.
  • Gold: Has been slow in get back into the driver’s seat. Closing at 1,282.60 Market participants will likely witness a trajectory pull back before any gains are recorded. With the likelihood of trading from support levels of 1,276.85- 1,283.90 and beyond. Upside to 1,285.00 could materialize before the end of day.

FX Market

The FX market is mostly trading sideways with a bearish undertone. As some investors hedge with Bonds.

  • EUR/USD: The pair is with a bearish outlook down 0.03% at 1.1361 from 1.1386 heading to 1.1345 as the USD steadies and activities in the EU weighs on the EUR.
  • GBP/USD: Was broadly pressured by Brexit trading between 1.2856-1.2908 in and out of gains. Standing at 1.2898.
  • USD/JPY: Although traders consider hedging with the safe-havens. The pair is seen trading between 109.33 – 109.69. Still in familiar territory.

For further details, please visit Xtrade.com. You may also leave your comments below.

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