Day: January 18, 2024

TitlePotential Bullish Breakout TypeBullish Breakout Preference:Price is rising towards the pivot point of 147.588 which is an overlap resistance that aligns with the 61.8% Fibonacci retracement level and could potentially break above this level; we could see momentum carry price up to its 1st resistance at 148.546 which is a pullback resistance level. Alternative scenario:If […]

UK CPI Rises UK stocks have come under heavy selling pressure over early European trading on Wednesday. While the market has been in corrective mode since the late December highs, selling was amplified on Wednesday as traders reacted to the latest UK inflation data. Annualised headline CPI was seen rising back up to 4% last […]

Waller Says Fed Relaxed on Rate Cut Timing The US Dollar continues to make ground across early 2024 trading as Fed members pushback against those calling for imminent rate cuts in the US. Speaking yesterday, Fed’s Waller reiterated comments made by chairman Powell in December noting that, while rate cuts were likely this year, the […]

Daily Market Outlook, January 17, 2024 Munnelly’s Market Minute…“UK Inflation Uptick Sees Sterling Higher” Asian stocks were under pressure due to the recent rise in yields and reduced expectations of Fed rate cuts. The Nikkei 225 initially rose due to a weaker currency but later dropped from three-decade highs as it succumbed to the risk-off […]