Market Analysis

The European Central Bank (ECB) managed to meet the market’s hawkish expectations at yesterday’s meeting. Like the Federal Reserve (Fed), the European regulator attempted to convey the message that interest rates will remain high for an extended period, opening the door for short-term yields to rise. However, whether central banks will stick to this narrative […]

After numerous earthquakes that damaged thousands of homes, the Netherlands has decided to permanently close the largest gas field in Groningen in October of this year. This news has caused a 30% increase in European natural gas futures, according to Business Insider.  While a final decision on the oldest Groningen field, which has been in […]

Daily Market Outlook, June 16, 2023 Munnelly’s Market Commentary…  Asian equity markets traded higher, taking cues from the gains on Wall Street. The major indices in the US were boosted by a weaker dollar and lower yields, as investors processed a hawkish European Central Bank (ECB) announcement and the increase in US jobless claims. The […]

TitleEURUSD H4 | React off 1st resistance TypeBearish Reversal Preference: Price is currently at our pivot point of 1.09421 which is an overlap resistance. A reverse from here, price could fall to 1st support at 1.08878 which is an overlap support level. Alternative scenario: However, if price breaks above the pivot point, it could hit […]

BOJ Stands Firm JPY has come under heavy selling pressure today as the BOJ kept rates on hold at its latest monetary policy meeting overnight. Despite simmering speculation that the bank might be approaching a shift in monetary policy, new BOJ chief Ueda held policy steady. Ueda warned that the bank would remain patient in […]

Weaker Dollar Helping  Following heavy selling at the start of the week, oil prices are trading higher ahead of the weekend. Crude futures have climbed back into positive territory on the week, helped by a weaker USD and look poised for further upside near-term. The Dollar fell on the back of the FOMC meeting on […]

The Japanese yen has somewhat stabilised against the US dollar. The current USDJPY quote is 140.61. On Friday, the Bank of Japan held its regular meeting, following which it kept the interest rate at -0.1% per annum. Thus, the regulator continues to ignore global trends among central banks and sticks to its stimulus plan. In […]

Gold Falls Following Fed Gold prices have turned lower on the back of the Fed meeting yesterday. Despite holding rates steady at this meeting, the meeting showed a clear hawkish skew with the updated dot plot projections showing that the majority of members still forecast further hikes this year. Powell himself noted that July is […]

Daily Market Outlook, June 15, 2023 Munnelly’s Market Commentary…  Asian equity markets traded predominantly higher; however, gains were limited as the market digested the aftermath of the Federal Open Market Committee (FOMC) meeting. Initially, there was a hawkish reaction to the Fed’s dot plot projections, but it was partially reversed during the press conference as […]

USDCHF, “US Dollar vs Swiss Franc” On H4, the quotes have broken the 200-day Moving Average and are below it, indicating the probability of developing a downtrend. The RSI is nearing the overbought area. In such a situation, the 2/8 (0.8911) level is expected to be broken down, with the price then declining to support […]

The BTC returned to 25,476 USD on Friday. Yesterday the flagship cryptocurrency experienced new stress with the price drop. Weekly losses are 3.9%. The market is very thin and nervous. It has been this way since the beginning of the week, and there are no grounds for improvements. Sellers have gone less active, while buyer […]

EUR Rallying EUR is pushing firmly higher on the back of the June ECB meeting yesterday. The single currency spiked in response to a decidedly hawkish meeting from the bank. Yesterday I outlined that the bar was set very high for the ECB in terms of delivering an upside reaction in EUR and it seems […]