Ipek Ozkardeskaya
Swissquote Bank Ltd
The week started on a positive note for the global equities which continue to surf on the optimism that the Federal Reserve’s (Fed) next move won’t be a rate hike, which I think is overdone and that next week’s US inflation data could be a rude awakening.
The Reserve Bank of Australia (RBA) left its policy rate unchanged today and warned that inflation is declining more slowly than expected. The USDJPY rebounds after last week’s presumed Bank of Japan (BoJ) intervention while Cable trades timidly above its own 200-DMA with the risk of seeing the recent gains melt rapidly if the Bank of England (BoE) gives a clearer sign of an approaching rate cut at this week’s meeting.
In the Middle East, tensions remain. US crude remains bid near the 100-DMA – and near oversold market conditions – as Israel refused a ceasefire deal and is preparing for a big offensive in Rafah.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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