FX News Today
- RBA left the cash rate on hold as expected and conceded that some downside risks have increased. RBA set to make subtle shift to the dovish side.
- RBA’s central scenario for the economy is around 3% growth in 2019.
- AUDUSD perked up to 0.7260 from 0.7204.
- Alphabet beat on profits and revenue, by making $8.94 billion on $39.27 billion revenue, but shares fell 3% on continuing pressure on advertising prices and decreasing margins.
- European stock futures are moving higher, while US futures are struggling and slightly in the red.
- Better than expected BRC retail sales out of the UK helped to underpin sentiment ahead of Services PMI.
- WTI retreated 1.2% to $54.0 area, down from 2019 highs of $55.74 bbl – Currently at $55.00 area.
Charts of the Day
Main Macro Events Today
- Eurozone Services PMI – The overall Eurozone Services PMI for January is expected to come in unchanged from the preliminary number at 50.8, which should leave the composite at 50.7.
- UK Service PMI – It is expected to come in with a headline of 51.0 after 51.2 in December.
- EU Retail Sales – They are expected to have corrected -1.8% m/m, after the strong November reading.
- US Service and ISM Non-Manufacturing PMI – The ISM-NMI Index is expected to slip further to 57.5 in January from 58.0 in December, versus a 13-year high of 60.8 in September. Services PMI is expected to be unchanged at 54.2 for January.
Support and Resistance
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Andria Pichidi
Market Analyst
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