1. Forex Market Insight
The dollar fell to a seven-month low against the euro on Monday 9th January 2023 as markets bet recent economic data will prompt the Federal Reserve to slow the pace of interest rate hikes, while riskier currencies benefited from the reopening of borders in Asia.
The euro rose 0.96% to $1.0747, it hits the highest since June 9, extending gains from Friday’s 1.17 % gain.
(EUR/USD 1-hour Chart)
We focus on the 1.0697 line today. If the EUR runs below the 1.0697 line, then pay attention to the support strength of the two positions of 1.0642 and 1.0586. If the strength of EUR rises over the 1.0697 line, then pay attention to the suppression strength of the two positions of 1.0734 and 1.0776.
GBP Intraday Trend Analysis
The pound rose 0.87% against the dollar to $1.21975, extending gains after jumping 1.5% on Friday, 6th January 2023 when an industry survey showed the percentage of manufacturers who consider the U.K. a competitive country halved to 31% from 63% a year ago, with 43% saying the U.K. has become less attractive to overseas investors.
(GBP/USD 1-hour Chart)
GBP is GBP is mainly focused on the 1.2111-line today. If GBP runs below the 1.12111-line, it will pay attention to the suppression strength of the two positions of 1.2010 and 1.1902. If GBP runs above the 1.2111-line, then pay attention to the suppression strength of the two positions of 1.2222 and 1.2311.
2. Precious Metals Market Insight
Gold prices rose slightly on Monday, 9th January 2023 easing slightly after touching an eight-month high earlier in the session, with a boost from a weaker dollar partially offset by Fed officials reiterating their aggressive anti-inflation stance.
Spot gold rose 0.3% to $1,870.45 an ounce, having touched its highest since May 9 at $1,881.50 earlier in the day.
(Gold 1-hour Chart)
Gold pays attention to the 1880-line today. If the gold price runs below the 1880-line, then it will pay attention to the support strength of the 1866 and 1847 positions. If the gold price breaks above the 1880-line, then pay attention to the suppression strength of the two positions of 1892 and 1909.
3. Commodities Market Insight
WTI Crude Oil
Oil prices rose more than 1% Monday 9th January 2023 after the reopening of borders in Asia boosted the outlook for fuel demand and overshadowed global recession fears.
Monday’s recovery in oil prices comes as the U.S. Energy Department tries to buy back oil at favorable prices to replenish the Strategic Petroleum Reserve to attract producers.
On Friday, reports emerged that the Energy Department rejected the first bids, citing a disadvantage to taxpayers. Replenishing the Strategic Petroleum Reserve will become increasingly difficult if oil prices continue to climb. The U.S. Strategic Petroleum Reserve has reached its lowest level since 1984.
(Crude Oil 1-hour Chart)
Oil prices focus on the 75.04- line today. If the oil price runs above the 75.04 -line, then focus on the suppression strength of the two positions of 76.07 and 76.94. If the oil price runs below the 75.04 -line, then pay attention to the support strength of the two positions of 73.52 and 72.77.
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