Daily Market Bulletin – 03 January 2022

Market Developments

The new year begins with a bit of caution and US Dollar demand, amidst fresh worries over China's property market.

Trading on the shares of Evergrande Group was halted in Honk Kong, pending an announcement containing inside information, by the troubled Chinese property developer. [1]

Over the weekend, Tesla (TSLA.us) announced record deliveries of 308,600 in Q4 2021. [2]

On the oil front, the National Oil Corporation of Libya announced that its production will be reduced by 200K barrels/day for a week, due to maintenance operations. [3]

Main Asia-Pacific stock markets were mixed, in a thin session, since Japan, Australia and mainland China were out. European futures are upbeat, while London will remain closed today.

The US Dollar is on the offensive and main Commodity Currencies (AUD, NZD, CAD) retreat against it.

Trade the News: View our Economic Calendar

Instruments Snapshot

EUR/USD is on the back foot and breaks below 1.1345.

GBP/USD is also under pressure, trying to hold 1.3500.

USD/JPY enters its fourth straight profitable day, eying November's multiyear highs (115.52).

USD/CAD halts its three-day losing streak, rising above 1.2650.

AUD/USD retreats on broader USD strength, breaching 0.7250.

NZD/USD is on the defensive above 0.6800.

GER30 is upbeat, but off the day's highs (15,944).

US30 trades with positive undertone around 36,500.

USOIL is supported above 75.50.

XAU/USD slides and gives 1,825 up.

Economic Calendar Picks (GMT)

Its PMI day today, with Manufacturing readings from Germany, Eurozone and USA.

See the economic calendar here.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

References

1

Retrieved 03 Jan 2022 https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0103/2022010300336.pdf

2

Retrieved 03 Jan 2022 https://ir.tesla.com/press-release/tesla-q4-2021-vehicle-production-deliveries

3

Retrieved 26 May 2022 https://noc.ly/index.php/en/new-4/7565-the-national-oil-corporation-announces-that-it-has-been-decided,-starting-from-midnight-of-sunday,-january-2,-2022,-and-at-00-01,-to-conduct-the-necessary-maintenance-operations-for-the-main-crude-oil-pumping-line-linking-between-the-fields-of-samah-al-dh

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