Home Market Midweek Market Overview: 01 Feb 2023

Midweek Market Overview: 01 Feb 2023


Investors will be paying attention to the FOMC and ECB meetings this week, as central banks are at the forefront of investor’s minds.


Midway through this week, the Dollar continues to find support over the key 101.28 The bears have snapped a three day uptrend before the Fed’s highly anticipated interest rate decision. Factors driving this loss of momentum from the bulls, can be attributed to the “pre-Fed anxiety” creeping into the market, as well as the downbeat U.S data which weighed heavily on the Dollar on Tuesday. Investors have already priced in the possibility of a 0.25% A rate hike or anything higher will be taken as a surprise. However, Fed Chair Jerome Powell will be the focus of their attention. He will provide insight into whether the Fed will defend the hawkish narrative amid easing inflation, slower wages, and whether a pause is possible.

Technical Analysis (D1)

The key continues to support price in terms of market structure. 101.15 The area in which the previous higher-lower was formed in June 2022. It is important to note that the price is approaching this area with a corrective nature, in the form a descending channel. This could be a…

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