FX News Today
- US equities turned lower after a miss by CAT and warning from Nvidia, both partly blaming the global slowdown and China in particular for their woes;yields back down.
- Criminal charges in the US against Chinese telecom giant Huawei overshadow trade talks and prevent a long-awaited US-Sino deal.
- Topix and Nikkei lost -0.63% and -0.47% respectively.
- Brexit at complex crossroads in UK; today’s parliamentary votes may clear picture
- Oil prices are higher and the front end WTI future is trading at USD 52.43 per barrel.
- EURUSD recovered to clear 1.14, up from last week’s 6-wk low at 1.1289.
- USDJPY came off highs, concurrently with correction in global stock markets.
Charts of the Day
Main Macro Events Today
- Brexit:
- A number of amendments are due to be voted today in Parliament, including ones that seek to either delay Brexit from March 29, or to legislate against there being a no-deal Brexit, or opens the way to a second referendum on EU membership.
- Parliament is also due to vote on the Prime Minister May’s Withdrawal Agreement, which lacking a concession from the EU to write-in an amendment that legally time limits the Irish backstop, or allows the UK to unilaterally withdraw from it, looks set to be rejected.
- A no-deal Brexit scenario remains a possibility, although May, while using it as a threat, will likely ultimately prevent it, as will Parliament.
- US Consumer Confidence – Expectations –January consumer confidence is expected to decline further to 126.0 from a prior 5-month low of 128.1 in December, versus an 18-year high of 137.9 in October.
- Japanese Retail Trade – Expectations – December retail sales are seen contracting at a -1.0% y/y from -2.2% for large retailers. Total sales are expected to slow further to a 1.0% y/y rate from 1.4% in November and 3.6% in October.
Support and Resistance
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Andria Pichidi
Market Analyst
HotForex
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