TOKYO, Nov 25 (Reuters) – Japan’s ruling party is discussing whether to ease military equipment export rules, in part because without a change Britain would not be able to sell any jet fighters it builds with Japan, former defence min ...
1. Forex Market Insight
USD is on track for its sixth straight week of gains, the longest-lasting rally of the year, and has risen more than 9% so far in 2022.
EUR fell for a sixth straight week on worries that Russia’s invasion of Ukraine hampered the economy and a rise in the USD.
Although the European Central Bank is widely expected to start raising interest rates in July, it is expected to raise rates at a slower pace than the Federal Reserve.
(EUR/USD 1-hour chart)
We focus on the 1.0357-line today. If EUR runs steadily above the 1.0357-line, then pay attention to the support strength of the two positions of 1.0529 and 1.0662. If the strength of EUR breaks below the 1.0357-line, then pay attention to the suppression strength of the two positions of 1.0184 and 1.0017.
GBP Intraday Trend Analysis
Although the Bank of England said it still needs to raise interest rates to curb inflation, it is less confident about controlling inflation in the short term, and concerns about the future economic outlook have intensified.
The subsequent cooling of inflation and economic impact will make the Bank of England cautious.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.2301-line today. If GBP runs below the 1.2301-line, it will pay attention to the suppression strength of the two positions of 1.2106 and 1.2005. If GBP runs above the 1.2301-line, then pay attention to the support strength of the position of 1.2478.
2. Precious Metals Market Insight
Spot gold fell nearly 1.4% yesterday, 16th May 2022, hitting a new low of $1,786.70 an ounce since 31st January. Federal Reserve officials had previously given a time period to consider further accelerating interest rate hikes.
However, gold prices fell off the pace, covering more than half of the day’s losses.
Markets are concerned that more aggressive monetary policy measures by the Federal Reserve to fight inflation could hit economic growth.
(Gold 1-hour chart)
Gold pays attention to the 1830-line today. If the gold price runs steadily below the 1830-line, then it will pay attention to the support strength of the 1812 and 1793 positions. If the gold price breaks above the 1830-line, then pay attention to the suppression strength of the two positions of the 1844 and 1866.
3. Commodities Market Insight
WTI Crude Oil
Oil prices settled higher and remained in an overall oscillating range, supported by an improved demand outlook for crude oil.
China’s crude oil demand has rebounded, and the intensified game between Russia and Ukraine continues to push oil prices higher.
However, tight monetary policy by global central banks, high inflation and slow global economic growth have limited crude oil prices to go higher.
(Crude Oil 1-hour chart)
Oil prices focus on the 107.52-line today. If the oil price runs above the 107.52-line, then focus on the suppression strength of the two positions of 111.95 and 116.30. If the oil price runs below the 107.52-line, then pay attention to the support strength of the two positions of 105.01 and 102.52.
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