FXCM’s 2023 Outlook
FXCM's 2023 outlook webinar, hosted by senior market specialists Russell Shor and Nikos Tzabouras.
Page 23 of 60
FXCM's 2023 outlook webinar, hosted by senior market specialists Russell Shor and Nikos Tzabouras.
The market has been resilient despite the poor showing. This is telling. Dow Theory maintains that a bull market has three phases. The first phase, accumulation, sees smart money recognising the current poor conditions, but positioning for the turn up. Bids increase as selling volumes diminish. There is a feeling of pessimism. However, prices have stopped going down. This matches with current resiliency.
The non-farm employment change shows that the labour market is slowing but still resilient. This week will see CPI and retail sales released. Tightening seems to be making an impact. FOMC minutes will be released on Wednesday with Australian employment data and UK GDP and industrial production out on Thursday. Q1 earning seasons is set to kick off this week with airlines and banks.
The 517K non-farm payroll surprised the market. This beat the most bullish forecasts. However, not all may be as it seems.
Powell’s interview saw market volatility, but prices popped with the Fed chair not sounding any more aggressive about raising interest rates.
Watch today’s US Open for commentary on the blockbuster US jobs report, the recent central banks blitz and the impact on EUR/USD, NAS100 and other asserts
065 – What a difference a week makes in the markets
Watch today’s US Open for commentary on the Fed’s feeble pushback against market expectations for a pivot, the BoE’s dovish hike and the ECB’s explicit guidance for another 50 bps rate increase
Job Openings and Labour Turnover came in yesterday ahead of expectations. It printed at 11.01m, ahead of the 10.28m forecast. JOLTS data is lagging and includes full-time and part-time vacancies. This makes its interpretation murky.
The US Federal Reserve downshifted again with a 25 bps rate increase, maintained guidance for more tightening and Chair Powell was hawkish, but not forcefully so
Watch today’s US Open for insights on the upcoming central banks blitz, as the US Fed, the Bank of England and the European Central Bank announce their monetary policy decisions
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.