This is what you need to know to trade today monday january 30:
Markets relatively quiet early Monday as investors stay on the sidelines to prepare for central banks’ monetary policy announcements. Following the modest recovery seen in the second half of the previous week, the Dollar Index continues to trade in a narrow channel around 102.00. The 10-year US Treasury yield is holding close to 3.5% and US stock index futures are trading slightly lower. Data on euro zone consumer and business confidence, as well as German GDP figures, will be released on the European morning. The Federal Reserve Bank of Dallas Texas Manufacturing Survey will be published on the US economic agenda.
Data released by the US Bureau of Economic Analysis revealed on Friday that the annual Core Personal Consumption Price Index (PCE) fell to 4.4% in December from 4.7% in November. This reading was in line with market expectations and did not provoke a significant reaction from the markets.
For its part, the Shanghai Composite Index opened modestly higher after a long lull and was last seen holding on to small daily gains. The China Center for Disease Control and Prevention (CDC) recently noted that the current wave of COVID-19 infections was coming to an end, adding that there had been no significant rebound in cases during the Lunar New Year holiday. .
The pair EUR/USD closed the previous week virtually unchanged, slightly below 1.0900. Although the pair rallied a bit in the early trading hours of the Asian session, it is having a hard time picking up any directional momentum. The German economy is expected to register annualized growth of 1.1% in the fourth quarter.
Before the weekend, the pair GBP/USD it failed to move in either direction and ended the week below 1.2400. In the early stages of the European session, the pair remains sideways. Speaking on Friday, UK Chancellor of the Exchequer Jeremy Hunt said the best tax cut would be a “cut to inflation”.
The USD/JPY fell sharply towards 129.00 during Asian trading hours on Monday before recovering to the 129.50 area. Reuters previously reported that a group of academics and business executives have urged the Bank of Japan (BoJ) to make its 2% inflation target a long-term target. The proposal also appeared to include the need for interest rates to rise more in line with economic fundamentals and to normalize the functioning of the Japanese bond market. In the meantime, “I think it is possible to achieve the 2% inflation target, accompanied by wage growth, by continuing the current loose policy,” BoJ Governor Haruhiko Kuroda reiterated earlier in the day.
The price of gold suffered a downward correction and erased its weekly gains in the second half of the week. At time of writing, XAU/USD is posting small daily gains around $1,930.
After a consolidation phase of three days, Bitcoin gained traction and moved towards $24,000 on Sunday. As of this writing, the BTC/USD pair is trading sideways near $23,700. ethereum It was up nearly 5% on Sunday and ended up posting small weekly gains. ETH/USD appears to have come under modest bearish pressure earlier on Monday and is now trading down nearly 1% on the day at $1,630.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.