411862 February 7, 2025 16:39 ICMarkets Market News
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Ex-Dividends | ||
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10/02/2025 | ||
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Indices | Name |
Index Adjustment Points
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Australia 200 CFD
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AUS200 | |
5
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IBEX-35 Index | ES35 | |
6
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France 40 CFD | F40 | |
7
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Hong Kong 50 CFD
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HK50 | |
8
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Italy 40 CFD | IT40 | |
9
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Japan 225 CFD
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JP225 | |
10
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EU Stocks 50 CFD
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STOXX50 | 0.87 |
11
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UK 100 CFD | UK100 | |
12
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US SP 500 CFD
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US500 | 0.88 |
13
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Wall Street CFD
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US30 | 11.80 |
14
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US Tech 100 CFD
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USTEC | 2.71 |
15
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FTSE CHINA 50
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CHINA50 | |
16
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Canada 60 CFD
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CA60 | |
17
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Germany Tech 40 CFD
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TecDE30 | |
18
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Germany Mid 50 CFD
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MidDE50 | |
19
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Netherlands 25 CFD
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NETH25 | 0.23 |
20
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Switzerland 20 CFD
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SWI20 | |
21
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Hong Kong China H-shares CFD
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CHINAH | |
22
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Norway 25 CFD
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NOR25 | |
23
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South Africa 40 CFD
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SA40 | |
24
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Sweden 30 CFD
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SE30 | |
25
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US 2000 CFD | US2000 | 0.12 |
The post Ex-Dividend 10/2/2025 first appeared on IC Markets | Official Blog.
411852 February 7, 2025 13:00 ICMarkets Market News
Asia-Pacific markets were mixed on Friday as investors analyzed India’s interest rate decision and Japan’s household spending data. Australia’s S&P/ASX 200 traded flat, while Japan’s Nikkei 225 fell 0.44% and the Topix declined 0.39%. However, Japan’s household spending in December surged 2.7% year-on-year, significantly exceeding expectations of a 0.2% rise. South Korea’s Kospi slipped 0.17%, while the Kosdaq remained near the flatline. Hong Kong’s Hang Seng Index gained 0.6%, and China’s CSI 300 advanced 0.77%.
The Reserve Bank of India (RBI) cut its key interest rate for the first time in nearly five years, reducing the repo rate by 25 basis points to 6.25% to stimulate economic growth. India’s benchmark stock indexes, Nifty 50 and Sensex, remained flat, while the rupee slightly strengthened to 87.4 against the dollar after reaching an all-time low. RBI Governor Sanjay Malhotra announced the decision in a livestreamed address, highlighting cooling inflation as a factor in the rate cut.
In the U.S., major stock indexes closed higher on Thursday as investors assessed corporate earnings. The S&P 500 rose 0.36% to 6,083.57, while the Nasdaq Composite gained 0.51% to 19,791.99. However, the Dow Jones Industrial Average fell 125.65 points (0.28%) to 44,747.63. The S&P 500 notched its third consecutive positive session, signaling investor optimism despite mixed economic signals.
Markets are now focused on the U.S. jobs report, set for release on Friday. Economists surveyed by Dow Jones anticipate 169,000 new jobs in January, a decline from December’s 256,000. The report is expected to provide insights into labor market trends and influence future Federal Reserve policy decisions.
The post Friday 7th February 2025: Asia-Pacific Markets Mixed Amid Economic Updates first appeared on IC Markets | Official Blog.
411851 February 7, 2025 13:00 ICMarkets Market News
IC Markets Europe Fundamental Forecast | 7 February 2025
What happened in the Asia session?
With Friday being non-farm payrolls (NFPs) day, trading activity was fairly quiet during this session and it could remain the same as European markets come online shortly. The dollar index (DXY) edged towards 108 while spot prices for gold retreated away from this morning’s high of $2,870.52/oz. However, trading volume is bound to pick up substantially as the clock inches closer to the release of the employment report by the Bureau of Labor Statistics later today.
What does it mean for the Europe & US sessions?
Industrial production in Germany declined by 3% overall in 2024 as the manufacturing sector remained in contraction for most of the year with energy-intensive industries facing significant challenges. November’s production output had increased by 1.5% MoM, beating forecasts of 0.5%, but December’s forecast points to a decline of 0.7% MoM. The Euro has appreciated in the first week of February but further significant deterioration in industrial production could weigh on this currency.
Canada will release its equivalent of the U.S. non-farm payrolls at the same time as its neighbour to the south. Despite a weak economy and rising unemployment, job growth rebounded strongly as 91K jobs were added to the economy in December. However, January’s forecasts point to a significant slowdown in the pace of job creation while the unemployment rate is anticipated to edge higher from 6.7% to 6.8%.
The Dollar Index (DXY)
Key news events today
BLS Employment Report (1:30 pm GMT)
What can we expect from DXY today?
The Bureau of Labor Statistics (BLS) will release its employment report for January where non-farm payrolls (NFPs) are expected to add 169K jobs to the economy while the unemployment rate remains unchanged at 4.1%. Following a strong rebound in NFPs in the final two months of last year and a robust showing in Wednesday’s ADP private payrolls, markets will be looking to see if this hiring momentum will continue in the latest BLS report. Whatever the outcome, financial markets will no doubt experience extreme volatility following the release of this report.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
Gold (XAU)
Key news events today
BLS Employment Report (1:30 pm GMT)
What can we expect from Gold today?
The Bureau of Labor Statistics (BLS) will release its employment report for January where non-farm payrolls (NFPs) are expected to add 169K jobs to the economy while the unemployment rate remains unchanged at 4.1%. Following a strong rebound in NFPs in the final two months of last year and a robust showing in Wednesday’s ADP private payrolls, markets will be looking to see if this hiring momentum will continue in the latest BLS report. Whatever the outcome, financial markets will no doubt experience extreme volatility following the release of this report.
Next 24 Hours Bias
Medium Bullish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
It is a quiet calendar for the Aussie but this currency pair will likely spring into life later today with the release of the BLS employment report during the U.S. session.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Like its Pacific neighbour, the Kiwi could face a relatively quiet trading environment during the Asian and European trading hours before markets are jolted into action as the non-farm payrolls report is dropped during the U.S. session.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
Demand for the yen remains intact with hawkish expectations from the BoJ arising from a combination of robust wage growth and persistent inflation in Japan. USD/JPY dived under 151.50 overnight and this currency pair is all but certain to register a fourth successive week of decline.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Euro (EUR)
Key news events today
Germany Industrial Production (7:00 am GMT)
What can we expect from EUR today?
Industrial production declined by 3% overall in 2024 as the manufacturing sector remained in contraction for most of the year with energy-intensive industries facing significant challenges. November’s production output had increased by 1.5% MoM, beating forecasts of 0.5%, but December’s forecast points to a decline of 0.7% MoM. The Euro has appreciated in the first week of February but further significant deterioration in industrial production could weigh on this currency.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Demand for the franc waned on Wednesday as USD/CHF found its footing just above the threshold of 0.9000 to rise to a high of 0.9061 on Thursday. This currency pair should continue to climb higher on Friday but is poised to close the week in the red.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Pound (GBP)
Key news events today
No major news events.
What can we expect from GBP today?
Following a pause at December’s board meeting, the Bank of England (BoE) reduced its official bank rate by 25 basis points (bps) to bring it down to 4.50% in line with market expectations. The Monetary Policy Committee (MPC) voted by a majority of 7–2 to reduce the Bank Rate by 0.25 bps while two members preferred to reduce it by 50 bps. With inflationary pressures progressing towards the target of 2% and the growth forecast for 2025 significantly downgraded, it paved the way for this central bank to cut rates at the first board meeting of 2025. The Pound had weakened in early Thursday as Cable tumbled under 1.2400. However, it stabilized around 1.2360 before climbing strongly to hit an overnight high of 1.2455 as the BoE conveyed a patient outlook concerning future monetary policy action, noting that inflation is following a bumpy path.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Canadian Dollar (CAD)
Key news events today
Labour Force Report (1:30 pm GMT)
What can we expect from CAD today?
Canada will release its equivalent of the U.S. non-farm payrolls at the same time as its neighbour to the south. Despite a weak economy and rising unemployment, job growth rebounded strongly as 91K jobs were added to the economy in December. However, January’s forecasts point to a significant slowdown in the pace of job creation while the unemployment rate is anticipated to edge higher from 6.7% to 6.8%. The Loonie will no doubt face extreme volatility during the U.S. session.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Escalating global trade tensions coupled with rising U.S. inventories will ensure that crude oil prices will notch its third consecutive week of decline. WTI oil has shed over 8.5% over this period as it hovered around $70.50 per barrel as Asian markets came online on Friday – overhead pressures for this commodity are likely to persist as the final trading day comes to a close.
Next 24 Hours Bias
Weak Bullish
The post IC Markets Europe Fundamental Forecast | 7 February 2025 first appeared on IC Markets | Official Blog.
411847 February 7, 2025 11:39 ICMarkets Market News
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance
Pivot: 107.13
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 106.21
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.
1st resistance: 108.30
Supporting reasons: Identified as a pullback resistance that aligns with the 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and fall toward the 1st support
Pivot: 1.0461
Supporting reasons: Identified as an overlap resistance that aligns with the 78.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 1.0345
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once again.
1st resistance: 1.0534
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and fall toward the 1st support
Pivot: 158.50
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.
1st support: 156.66
Supporting reasons: Identified as a swing low support that aligns close to the 161.8% Fibonacci extension, indicating a potential level where price could find support once more.
1st resistance: 159.71
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and drop toward the 1st support
Pivot: 0.8376
Supporting reasons: Identified as a pullback resistance that aligns close to the 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 0.8272
Supporting reasons: Identified as an overlap support that aligns close to the 78.6% Fibonacci retracement, indicating a potential level where price could find support once again.
1st resistance: 0.8444
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and fall toward the 1st support
Pivot: 1.2609
Supporting reasons: Identified as an overlap resistance that aligns with the 127.2% Fibonacci extension, indicating a potential area where selling pressures could intensify.
1st support: 1.2367
Supporting reasons: Identified as an overlap support, indicating a potential level where price could stabilize once more.
1st resistance: 1.2718
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and fall toward the 1st support
Pivot: 190.60
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.
1st support: 188.07
Supporting reasons: Identified as a swing low support that aligns with the 161.8% Fibonacci extension, indicating a potential level where price could find support once again.
1st resistance: 193.14
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price could potentially make a bearish reversal off the pivot and fall toward the 1st support
Pivot: 0.9092
Supporting reasons: Identified as a pullback resistance that aligns with the 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 0.8974
Supporting reasons: Identified as an overlap support that aligns with the 50% Fibonacci retracement, indicating a potential level where price could find support once again.
1st resistance: 0.9198
Supporting reasons: Identified as a multi-swing high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance
Pivot: 151.11
Supporting reasons: Identified as a pullback support that aligns close to the 78.6% Fibonacci retracement and the 100% Fibonacci projection, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 149.55
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.
1st resistance: 153.24
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 1.4279
Supporting reasons: Identified as a multi-swing-low support, indicating a potential area where buying interests could pick up to stage a minor rebound.
1st support: 1.4178
Supporting reasons: Identified as an overlap support, indicating a key level where the price could stabilize once more.
1st resistance: 1.4404
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price has made a bullish bounce off the pivot and could potentially rise towards the 1st resistance.
Pivot: 0.6255
Supporting reasons: Identified as an overlap support, indicating a potential level where buying interests could pick to resume the uptrend.
1st support: 0.6182
Supporting reasons: Identified as an overlap support, suggesting a potential area where the price could stabilize once again.
1st resistance: 0.6323
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.
Pivot: 0.5716
Supporting reasons: Identified as a swing-high resistance, indicating a potential level where selling pressures could intensify.
1st support: 0.5628
Supporting reasons: Identified as an overlap support, suggesting a potential area where the price could stabilize once more.
1st resistance: 0.5781
Supporting reasons: Identified as a swing-high resistance that aligns with a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.
Pivot: 45,078.54
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential level where selling pressures could intensify.
1st support: 43,819.77
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where the price could stabilize once again.
1st resistance: 45,779.82
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price could rise towards the pivot and potentially make a bearish reversal off this level to pull back towards the 1st support.
Pivot: 21,994.22
Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a potential level where selling pressures could intensify.
1st support: 21,525.30
Supporting reasons: Identified as a pullback support, indicating a key level where the price could stabilize once more.
1st resistance: 22,237.83
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall towards the pivot and potentially make a bullish bounce to rise towards the 1st resistance.
Pivot: 6,039.40
Supporting reasons: Identified as an overlap support, indicating a potential level where buying interests could pick up to resume the uptrend.
1st support: 5,923.40
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where the price could stabilize once again.
1st resistance: 6,123.30
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price has made a bearish reversal off the pivot and could potentially fall towards the 1st support.
Pivot: 98,903.64
Supporting reasons: Identified as an overlap resistance, indicating a potential level where selling pressures could intensify.
1st support: 92,857.02
Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once more.
1st resistance: 101,963.41
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 2,901.68
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify.
1st support: 2,472.17
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a potential level where the price could stabilize once again.
1st resistance: 3,431.60
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 72.80
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.
1st support: 70.96
Supporting reasons: Identified as a pullback support that aligns with a 78.6% Fibonacci projection, indicating a key level where the price could stabilize once more.
1st resistance: 73.85
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance
Pivot: 2828.06
Supporting reasons: Identified as a pullback support that aligns with the 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 2776.07
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.
1st resistance: 2881.25
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.
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The post Friday 7th February 2025: Technical Outlook and Review first appeared on IC Markets | Official Blog.
411844 February 7, 2025 11:14 ICMarkets Market News
IC Markets Asia Fundamental Forecast | 7 February 2025
What happened in the U.S. session?
Following a pause at December’s board meeting, the Bank of England (BoE) reduced its official bank rate by 25 basis points (bps) to bring it down to 4.50% in line with market expectations. The Monetary Policy Committee (MPC) voted by a majority of 7–2 to reduce the Bank Rate by 0.25 bps while two members preferred to reduce it by 50 bps. With inflationary pressures progressing towards the target of 2% and the growth forecast for 2025 significantly downgraded, it paved the way for this central bank to cut rates at the first board meeting of 2025. The Pound had weakened in early Thursday as Cable tumbled under 1.2400. However, it stabilized around 1.2360 before climbing strongly to hit an overnight high of 1.2455 as the BoE conveyed a patient outlook concerning future monetary policy action, noting that inflation is following a bumpy path.
What does it mean for the Asia Session?
As Asian markets digest the BoE’s latest actions and the ongoing trade tensions, safe-haven assets like gold are likely to remain supported. Spot gold was rising strongly towards the all-time high of $2,882.27/oz that was recorded this Wednesday while crude oil prices appear to have found a temporary floor. WTI oil found its footing around $70 per barrel and was edging higher during this session.
The Dollar Index (DXY)
Key news events today
BLS Employment Report (1:30 pm GMT)
What can we expect from DXY today?
The Bureau of Labor Statistics (BLS) will release its employment report for January where non-farm payrolls (NFPs) are expected to add 169K jobs to the economy while the unemployment rate remains unchanged at 4.1%. Following a strong rebound in NFPs in the final two months of last year and a robust showing in Wednesday’s ADP private payrolls, markets will be looking to see if this hiring momentum will continue in the latest BLS report. Whatever the outcome, financial markets will no doubt experience extreme volatility following the release of this report.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
Gold (XAU)
Key news events today
BLS Employment Report (1:30 pm GMT)
What can we expect from Gold today?
The Bureau of Labor Statistics (BLS) will release its employment report for January where non-farm payrolls (NFPs) are expected to add 169K jobs to the economy while the unemployment rate remains unchanged at 4.1%. Following a strong rebound in NFPs in the final two months of last year and a robust showing in Wednesday’s ADP private payrolls, markets will be looking to see if this hiring momentum will continue in the latest BLS report. Whatever the outcome, financial markets will no doubt experience extreme volatility following the release of this report.
Next 24 Hours Bias
Medium Bullish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
It is a quiet calendar for the Aussie but this currency pair will likely spring into life later today with the release of the BLS employment report during the U.S. session.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Like its Pacific neighbour, the Kiwi could face a relatively quiet trading environment during the Asian and European trading hours before markets are jolted into action as the non-farm payrolls report is dropped during the U.S. session.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
Demand for the yen remains intact with hawkish expectations from the BoJ arising from a combination of robust wage growth and persistent inflation in Japan. USD/JPY dived under 151.50 overnight and this currency pair is all but certain to register a fourth successive week of decline.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Euro (EUR)
Key news events today
Germany Industrial Production (7:00 am GMT)
What can we expect from EUR today?
Industrial production declined by 3% overall in 2024 as the manufacturing sector remained in contraction for most of the year with energy-intensive industries facing significant challenges. November’s production output had increased by 1.5% MoM, beating forecasts of 0.5%, but December’s forecast points to a decline of 0.7% MoM. The Euro has appreciated in the first week of February but further significant deterioration in industrial production could weigh on this currency.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Demand for the franc waned on Wednesday as USD/CHF found its footing just above the threshold of 0.9000 to rise to a high of 0.9061 on Thursday. This currency pair should continue to climb higher on Friday but is poised to close the week in the red.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Pound (GBP)
Key news events today
No major news events.
What can we expect from GBP today?
Following a pause at December’s board meeting, the Bank of England (BoE) reduced its official bank rate by 25 basis points (bps) to bring it down to 4.50% in line with market expectations. The Monetary Policy Committee (MPC) voted by a majority of 7–2 to reduce the Bank Rate by 0.25 bps while two members preferred to reduce it by 50 bps. With inflationary pressures progressing towards the target of 2% and the growth forecast for 2025 significantly downgraded, it paved the way for this central bank to cut rates at the first board meeting of 2025. The Pound had weakened in early Thursday as Cable tumbled under 1.2400. However, it stabilized around 1.2360 before climbing strongly to hit an overnight high of 1.2455 as the BoE conveyed a patient outlook concerning future monetary policy action, noting that inflation is following a bumpy path.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Canadian Dollar (CAD)
Key news events today
Labour Force Report (1:30 pm GMT)
What can we expect from CAD today?
Canada will release its equivalent of the U.S. non-farm payrolls at the same time as its neighbour to the south. Despite a weak economy and rising unemployment, job growth rebounded strongly as 91K jobs were added to the economy in December. However, January’s forecasts point to a significant slowdown in the pace of job creation while the unemployment rate is anticipated to edge higher from 6.7% to 6.8%. The Loonie will no doubt face extreme volatility during the U.S. session.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Escalating global trade tensions coupled with rising U.S. inventories will ensure that crude oil prices will notch its third consecutive week of decline. WTI oil has shed over 8.5% over this period as it hovered around $70.50 per barrel as Asian markets came online on Friday – overhead pressures for this commodity are likely to persist as the final trading day comes to a close.
Next 24 Hours Bias
Weak Bullish
The post IC Markets Asia Fundamental Forecast | 7 February 2025 first appeared on IC Markets | Official Blog.
411841 February 7, 2025 08:14 ICMarkets Market News
US Markets Mixed Ahead of Non-Farms – Nasdaq Up 0.5%
US stock indices experienced a mixed day in choppy trading yesterday, as investors continued to digest earnings updates and looked ahead to today’s key employment figures. The Dow closed down 0.28%, while the S&P and Nasdaq finished the day in positive territory, closing up 0.36% and 0.51%, respectively.
US Treasury yields regained some of their recent losses, with the 2-year yield adding 2.7 basis points to rise to 4.214%, while the benchmark 10-year yield gained 1.8 basis points, reaching 4.436%. The dollar also strengthened, with major currencies retreating into recent ranges, as the DXY edged up 0.1% to 107.69.
Oil prices declined once again after former President Trump reiterated his intention to increase US production, with Brent falling 0.51% to $74.23 and WTI down 0.72% to $70.52 per barrel. Gold pulled back from recent record highs but remains elevated, closing 0.41% lower on the day at $2,855.07.
Non-Farms in Focus for FX Traders Today
Traders are preparing for a classic Non-Farm Payrolls (NFP) day, with the primary market focus shifting to the employment report shortly after the New York open. While geopolitical developments have dominated market flows this week, today’s US jobs data is expected to be the key driver of sentiment, providing insight into the Federal Reserve’s next move on interest rates.
The dollar has faced significant pressure this week as concerns over tariffs receded. However, strong jobs data could dampen expectations of Fed rate cuts, potentially pushing the dollar higher. Last month’s robust 256k NFP print surprised the market, and a similar result today could have an even greater impact. The consensus forecast anticipates a 169k print, but any figure exceeding 200k could trigger a sharp dollar rally, reversing recent losses.
Calm Markets Ahead of the Non-Farm Storm
Today’s market focus is firmly on US employment data, with trading expected to remain subdued in the early sessions before volatility picks up after the New York open. Market activity was relatively muted in the final session yesterday, particularly compared to the turbulence seen earlier in the week, setting the stage for a quiet Asian session with rangebound conditions.
There are no significant economic releases in the European session, meaning traders will be looking ahead to the key US data. Expectations are for the headline NFP to show an increase of 169k jobs last month, with the unemployment rate remaining steady at 4.1% and average hourly earnings rising by 0.3% month-on-month. Any significant deviation from these expectations is likely to trigger sharp market movements.
Canadian employment data will also be released alongside the US report, but aside from its impact on CAD traders, it is expected to be largely overshadowed as the market remains focused on the US jobs figures.
The post General Market Analysis – 07/02/25 first appeared on IC Markets | Official Blog.
411838 February 7, 2025 08:00 ICMarkets Market News
Key US employment numbers are set to be released later today, and traders are bracing for significant market movements in response. While geopolitical issues have dominated market flows this week, the focus is shifting to fundamentals as traders seek guidance on the Federal Reserve’s next interest rate cut. With little else on the economic calendar in recent trading sessions, the impact of the data could be magnified, especially if the figures deviate significantly from expectations.
The market expects the headline Non-Farm Employment Change figure to show an increase of 169,000 jobs last month, with the Unemployment Rate holding steady at 4.1% and Average Hourly Earnings rising by 0.3%. Any deviation of ±30,000 jobs from the forecast could trigger substantial market moves.
The Euro is currently trading near key technical levels, presenting strong trading opportunities following the data release. It has been trending toward the upper end of its recent range after the dollar weakened for most of the week, but that could change swiftly tonight. A weaker-than-expected jobs report could see recent highs and trendline resistance on the hourly chart tested quickly, while a stronger report would likely push the pair back into its range, targeting the annual lows seen on Monday.
Key Levels to Watch:
Resistance:
Support:
The post Trade the Euro on the US Employment Data first appeared on IC Markets | Official Blog.
411806 February 6, 2025 16:39 ICMarkets Market News
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Ex-Dividends | ||
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2
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07/02/2025 | ||
3
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Indices | Name |
Index Adjustment Points
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4
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Australia 200 CFD
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AUS200 | |
5
|
IBEX-35 Index | ES35 | |
6
|
France 40 CFD | F40 | |
7
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Hong Kong 50 CFD
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HK50 | |
8
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Italy 40 CFD | IT40 | |
9
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Japan 225 CFD
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JP225 | |
10
|
EU Stocks 50 CFD
|
STOXX50 | |
11
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UK 100 CFD | UK100 | |
12
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US SP 500 CFD
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US500 | 0.40 |
13
|
Wall Street CFD
|
US30 | |
14
|
US Tech 100 CFD
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USTEC | 1.16 |
15
|
FTSE CHINA 50
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CHINA50 | |
16
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Canada 60 CFD
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CA60 | |
17
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Germany Tech 40 CFD
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TecDE30 | |
18
|
Germany Mid 50 CFD
|
MidDE50 | |
19
|
Netherlands 25 CFD
|
NETH25 | |
20
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Switzerland 20 CFD
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SWI20 | |
21
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Hong Kong China H-shares CFD
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CHINAH | |
22
|
Norway 25 CFD
|
NOR25 | |
23
|
South Africa 40 CFD
|
SA40 | |
24
|
Sweden 30 CFD
|
SE30 | |
25
|
US 2000 CFD | US2000 | 0.10 |
The post Ex-Dividend 7/2/2025 first appeared on IC Markets | Official Blog.
411801 February 6, 2025 14:14 ICMarkets Market News
Asia-Pacific markets traded mostly higher on Thursday, following Wall Street’s gains as investors brushed off trade concerns and weak U.S. tech earnings. Australia’s S&P/ASX 200 climbed 1.14%, while Japan’s Nikkei 225 rose 0.46% and the Topix added 0.3%. South Korea’s Kospi advanced 0.93%, with the Kosdaq up 1.09%. Hong Kong’s Hang Seng Index edged 0.31% higher, while China’s CSI 300 gained 0.14%.
India’s markets saw mixed performance, with the Nifty 50 slipping 0.16% and the BSE Sensex trading flat. Investors are closely watching India’s central bank, which is expected to cut interest rates in its policy meeting to boost the slowing economy. The decision will be announced on Friday.
On Wall Street, major U.S. indexes posted their second consecutive day of gains, despite sharp declines in Alphabet and AMD following weak earnings. The Dow Jones Industrial Average jumped 317.24 points (0.71%) to 44,873.28, driven by a rally in Nvidia. The S&P 500 gained 0.39% to close at 6,061.48, while the Nasdaq Composite added 0.19% to 19,692.33.
Nvidia soared over 5% after Super Micro Computer announced the full-scale production of AI data centers using Nvidia’s Blackwell platform. As a result, Super Micro’s stock surged 8%. Despite ongoing volatility, investors remain optimistic about technology-driven growth and central bank policies shaping global markets.
The post Thursday 6th February 2025: Asia-Pacific Markets Rise as Wall Street Extends Gains first appeared on IC Markets | Official Blog.
411800 February 6, 2025 14:14 ICMarkets Market News
IC Markets Europe Fundamental Forecast | 6 February 2025
What happened in the Asia session?
With no major news events, the dollar index (DXY) hovered above 107.50 while spot prices for gold retreated away from Wednesday’s all-time high of $2,882.27/oz to drift around $2,870/oz. Meanwhile, crude oil prices were somewhat unchanged as WTI oil remained under $72 per barrel.
What does it mean for the Europe & US sessions?
Following a pause at December’s board meeting, the Bank of England (BoE) is now widely expected to reduce its official bank rate by 25 basis points (bps) to bring it down to 4.50%. Although inflation remains above the BoE’s target of 2%, the combination of a weakening labour market and ‘softer’ GDP activity have nudged this central bank toward a dovish action at the first meeting of 2025. The pound is likely to depreciate going into the announcement but it could remain steady should the statement project a balanced view with regards to the outlook on future monetary policy action.
PMI activity in Canada has expanded steadily in the last quarter of 2024 as output rose from 52.3 in the previous month to 54.7 in December. January’s estimate of 53.0 points to another month of solid growth and could provide an additional boost for the Loonie which has appreciated strongly this week.
The Dollar Index (DXY)
Key news events today
Unemployment Claims (1:30 pm GMT)
FOMC Member Waller’s Speech (7:30 pm GMT)
What can we expect from DXY today?
Unemployment claims have moderated lower over the past eight weeks to highlight stability in the U.S. labour market. After falling to 207K last week, claims are expected to edge higher to 214K but would remain under the 12-week average of 218K, potentially functioning as a near-term bullish catalyst for the dollar. Later on, Federal Reserve Governor Christopher Waller will be speaking about the future of payments at the Atlantic Council’s Global Headquarters in Washington D.C. where audience questions are expected. Following last week’s FOMC meeting where the Fed maintained rates at current levels following three successive cuts in late 2024, market participants will be looking to see if Governor Waller will drop any clues on future monetary policy action.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
Gold (XAU)
Key news events today
Unemployment Claims (1:30 pm GMT)
FOMC Member Waller’s Speech (7:30 pm GMT)
What can we expect from Gold today?
Unemployment claims have moderated lower over the past eight weeks to highlight stability in the U.S. labour market. After falling to 207K last week, claims are expected to edge higher to 214K but would remain under the 12-week average of 218K, potentially functioning as a near-term bullish catalyst for the dollar. Later on, Federal Reserve Governor Christopher Waller will be speaking about the future of payments at the Atlantic Council’s Global Headquarters in Washington D.C. where audience questions are expected. Following last week’s FOMC meeting where the Fed maintained rates at current levels following three successive cuts in late 2024, market participants will be looking to see if Governor Waller will drop any clues on future monetary policy action. Gold prices have been soaring this week making a new all-time high of $2,882.27/oz on Wednesday.
Next 24 Hours Bias
Medium Bullish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
The combination of disappointing domestic data, ongoing trade tensions, and China exposure creates a challenging environment for the Aussie. However, this currency pair has appreciated this week with demand for the greenback waning.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Despite Wednesday’s ‘soft’ labour market data, the Kiwi held up well as demand for the U.S. dollar tapered off. This currency pair was hovering around 0.5680 at the beginning of the Asia session.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
The combination of robust wage growth and hawkish BoJ expectations created a strongly bullish environment for the yen. In addition, the narrowing interest rate differential between Japan and the U.S. further supports yen strength as USD/JPY dived under 153.50 overnight. Overhead pressures are likely to persist for this currency pair for the remainder of this week.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Euro (EUR)
Key news events today
Retail Sales (10:00 am GMT)
What can we expect from EUR today?
Consumer spending in the Euro Area has been weak over the last couple of months and sales figures for December are expected to decrease 0.1% MoM – this would mark the second decline in three months. However, the recent dollar weakness has helped to prop up the Euro as it hit an overnight high of 1.0442 on Wednesday.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
The franc has seen strong inflows due to potential global trade wars amidst heightened volatility causing USD/CHF to tumble over 2% this week. This currency pair is likely to remain under pressure as the day progresses.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Pound (GBP)
Key news events today
S&P Construction PMI (9:30 am GMT)
BoE Monetary Policy Report (12:00 pm GMT)
What can we expect from GBP today?
Following strong output for most of 2024, construction activity eased to a six-month low of 53.3 in December. The slowdown was marked by weaker demand, higher borrowing costs and subdued consumer confidence. January’s estimate of 53.5 points to a somewhat unchanged figure, highlighting the softer pace of expansion for this sector.
Following a pause at December’s board meeting, the Bank of England (BoE) is now widely expected to reduce its official bank rate by 25 basis points (bps) to bring it down to 4.50%. Although inflation remains above the BoE’s target of 2%, the combination of a weakening labour market and ‘softer’ GDP activity have nudged this central bank toward a dovish action at the first meeting of 2025. The pound is likely to depreciate going into the announcement but it could remain steady should the statement project a balanced view with regards to the outlook on future monetary policy action.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Canadian Dollar (CAD)
Key news events today
Ivey PMI (3:00 pm GMT)
What can we expect from CAD today?
PMI activity in Canada has expanded steadily in the last quarter of 2024 as output rose from 52.3 in the previous month to 54.7 in December. January’s estimate of 53.0 points to another month of solid growth and could provide an additional boost for the Loonie which has appreciated strongly this week. USD/CAD has dived over 3% this week thus far and looks set to head even lower.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Similarly to the API stockpiles, the EIA inventories added a whopping 8.7M barrels of crude on Wednesday. Not only did storage levels swell for the second successive week, but the latest result was notably higher than the forecast of 2.4M barrels. Coupled with the recently developed concerns about a China-U.S. trade war fueling fears of sluggish economic growth, overhead pressures for this commodity remain firmly in place. WTI oil declined 2% on Wednesday as it dived as low as $70.98 per barrel – this benchmark was hovering above the $71 mark as Asian markets came online on Thursday.
Next 24 Hours Bias
Medium Bearish
The post IC Markets Europe Fundamental Forecast | 6 February 2025 first appeared on IC Markets | Official Blog.
411796 February 6, 2025 11:39 ICMarkets Market News
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance
Pivot: 107.13
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 106.21
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.
1st resistance: 107.90
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and fall toward the 1st support
Pivot: 1.0461
Supporting reasons: Identified as an overlap resistance that aligns with the 78.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 1.0345
Supporting reasons: Identified as a pullback support, indicating a potential level where price could find support once again.
1st resistance: 1.0534
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance
Pivot: 157.60
Supporting reasons: Identified as a pullback support that aligns with the 78.6% Fibonacci retracement and the 127.2% Fibonacci extension, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 156.22
Supporting reasons: Identified as a swing low support that aligns close to the 161.8% Fibonacci extension, indicating a potential level where price could find support once more.
1st resistance: 159.68
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and drop toward the 1st support
Pivot: 0.8356
Supporting reasons: Identified as a pullback resistance that aligns close to the 38.2% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 0.8272
Supporting reasons: Identified as a swing-low support that aligns close to the 78.6% Fibonacci retracement, indicating a potential level where price could find support once again.
1st resistance: 0.8406
Supporting reasons: Identified as an overlap resistance that aligns close to the 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and fall toward the 1st support
Pivot: 1.2609
Supporting reasons: Identified as an overlap resistance, indicating a potential area where selling pressures could intensify.
1st support: 1.2474
Supporting reasons: Identified as an overlap support, indicating a potential level where price could stabilize once more.
1st resistance: 1.2718
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could potentially make a bearish reversal off the pivot and fall toward the 1st support
Pivot: 191.46
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.
1st support: 189.61
Supporting reasons: Identified as a swing low support, indicating a potential level where price could find support once again.
1st resistance: 193.19
Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance.
Pivot: 0.8916
Supporting reasons: Identified as an overlap support that aligns close to the 61.8% Fibonacci retracement and the 127.2% Fibonacci extension, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 0.8806
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.
1st resistance: 0.9031
Supporting reasons: Identified as a multi-swing high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance
Pivot: 151.11
Supporting reasons: Identified as a pullback support that aligns close to the 78.6% Fibonacci retracement and the 100% Fibonacci projection, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 149.55
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once more.
1st resistance: 153.24
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could rise towards the pivot and potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 1.4356
Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.
1st support: 1.4279
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where the price could stabilize once more.
1st resistance: 1.4404
Supporting reasons: Identified as an overlap resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall towards the pivot and potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 0.6255
Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement, indicating a potential level where buying interests could pick to resume the uptrend.
1st support: 0.6185
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, suggesting a potential area where the price could stabilize once again.
1st resistance: 0.6323
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.
Pivot: 0.5716
Supporting reasons: Identified as a swing-high resistance, indicating a potential level where selling pressures could intensify.
1st support: 0.5628
Supporting reasons: Identified as an overlap support, suggesting a potential area where the price could stabilize once more.
1st resistance: 0.5781
Supporting reasons: Identified as a swing-high resistance that aligns with a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bullish
Price is rising towards the pivot and could potentially make a bearish reversal off this level to pull back towards the 1st support.
Pivot: 45,078.54
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential level where selling pressures could intensify.
1st support: 43,819.77
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 38.2% Fibonacci retracement, indicating a potential level where the price could stabilize once again.
1st resistance: 45,779.82
Supporting reasons: Identified as a resistance that aligns with a 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall towards the pivot and potentially make a bullish bounce to rise towards the 1st resistance.
Pivot: 21,525.30
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.
1st support: 21,114.40
Supporting reasons: Identified as a multi-swing-low support, indicating a key level where the price could stabilize once more.
1st resistance: 21,994.22
Supporting reasons: Identified as a resistance that aligns with a 127.2% Fibonacci extension, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall towards the pivot and potentially make a bullish bounce to rise towards the 1st resistance.
Pivot: 6,039.40
Supporting reasons: Identified as a pullback support, indicating a potential level where buying interests could pick up to resume the uptrend.
1st support: 5,923.40
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where the price could stabilize once again.
1st resistance: 6,123.30
Supporting reasons: Identified as a swing-high resistance that aligns close to the all-time high, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price has made a bearish reversal off the pivot and could potentially fall towards the 1st support.
Pivot: 98,903.64
Supporting reasons: Identified as an overlap resistance, indicating a potential level where selling pressures could intensify.
1st support: 92,857.02
Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once more.
1st resistance: 101,963.41
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price is rising towards the pivot and could potentially make a bearish reversal off this level to fall towards the 1st support.
Pivot: 2,901.68
Supporting reasons: Identified as an overlap resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential level where selling pressures could intensify.
1st support: 2,472.17
Supporting reasons: Identified as a swing-low support that aligns close to a 50% Fibonacci retracement, indicating a potential level where the price could stabilize once again.
1st resistance: 3,431.60
Supporting reasons: Identified as a multi-swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price is trading close to the pivot and could potentially make a bullish bounce off this level to rise towards the 1st resistance.
Pivot: 71.58
Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 69.17
Supporting reasons: Identified as an overlap support, indicating a key level where the price could stabilize once more.
1st resistance: 75.96
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance
Pivot: 2828.06
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 2776.07
Supporting reasons: Identified as an overlap support, indicating a potential level where price could find support once again.
1st resistance: 2881.25
Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.
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The post Thursday 6th February 2025: Technical Outlook and Review first appeared on IC Markets | Official Blog.
411794 February 6, 2025 11:14 ICMarkets Market News
IC Markets Asia Fundamental Forecast | 6 February 2025
What happened in the U.S. session?
After slowing in the final two months of 2024, the ADP Employment report showed private payrolls jumping by 183K in January as sectors such as trade, transportation, and utilities; leisure and hospitality; and education and health services led the gains while manufacturing shed jobs. Not only did the latest figures beat the forecast of 148K by a wide margin, but December’s payrolls were also revised significantly higher from 122K to 176K to highlight the fourth quarter’s hiring momentum.
Moving over to PMI output, services activity in the U.S. expanded for the seventh consecutive month as reported by the Institute for Supply Management (ISM) with sub-indices such as new export orders and employment registering higher growth while business activity and new orders eased from the previous month. January’s print of 52.8 marked another month of expansion but it moderated lower from the previous month’s reading of 54.0. Despite the relatively strong set of U.S. macroeconomic data, the dollar index (DXY) remained on the back foot hitting an overnight low of 107.29 as fears of a global trade war abated for the present moment.
What does it mean for the Asia Session?
The combination of reduced U.S. trade tensions with Mexico and Canada, but escalating tensions with China, creates a mixed environment with gold likely to remain the primary beneficiary of the ongoing market uncertainty. Spot gold hit a new record price of $2,882.27/oz on Wednesday before pulling back slightly. This precious metal was hovering around $2,870/oz at the beginning of this session and is likely to remain elevated over the next couple of days.
The Dollar Index (DXY)
Key news events today
Unemployment Claims (1:30 pm GMT)
FOMC Member Waller’s Speech (7:30 pm GMT)
What can we expect from DXY today?
Unemployment claims have moderated lower over the past eight weeks to highlight stability in the U.S. labour market. After falling to 207K last week, claims are expected to edge higher to 214K but would remain under the 12-week average of 218K, potentially functioning as a near-term bullish catalyst for the dollar. Later on, Federal Reserve Governor Christopher Waller will be speaking about the future of payments at the Atlantic Council’s Global Headquarters in Washington D.C. where audience questions are expected. Following last week’s FOMC meeting where the Fed maintained rates at current levels following three successive cuts in late 2024, market participants will be looking to see if Governor Waller will drop any clues on future monetary policy action.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
Gold (XAU)
Key news events today
Unemployment Claims (1:30 pm GMT)
FOMC Member Waller’s Speech (7:30 pm GMT)
What can we expect from Gold today?
Unemployment claims have moderated lower over the past eight weeks to highlight stability in the U.S. labour market. After falling to 207K last week, claims are expected to edge higher to 214K but would remain under the 12-week average of 218K, potentially functioning as a near-term bullish catalyst for the dollar. Later on, Federal Reserve Governor Christopher Waller will be speaking about the future of payments at the Atlantic Council’s Global Headquarters in Washington D.C. where audience questions are expected. Following last week’s FOMC meeting where the Fed maintained rates at current levels following three successive cuts in late 2024, market participants will be looking to see if Governor Waller will drop any clues on future monetary policy action. Gold prices have been soaring this week making a new all-time high of $2,882.27/oz on Wednesday.
Next 24 Hours Bias
Medium Bullish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
The combination of disappointing domestic data, ongoing trade tensions, and China exposure creates a challenging environment for the Aussie. However, this currency pair has appreciated this week with demand for the greenback waning.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Despite Wednesday’s ‘soft’ labour market data, the Kiwi held up well as demand for the U.S. dollar tapered off. This currency pair was hovering around 0.5680 at the beginning of the Asia session.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
The combination of robust wage growth and hawkish BoJ expectations created a strongly bullish environment for the yen. In addition, the narrowing interest rate differential between Japan and the U.S. further supports yen strength as USD/JPY dived under 153.50 overnight. Overhead pressures are likely to persist for this currency pair for the remainder of this week.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Euro (EUR)
Key news events today
Retail Sales (10:00 am GMT)
What can we expect from EUR today?
Consumer spending in the Euro Area has been weak over the last couple of months and sales figures for December are expected to decrease 0.1% MoM – this would mark the second decline in three months. However, the recent dollar weakness has helped to prop up the Euro as it hit an overnight high of 1.0442 on Wednesday.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
The franc has seen strong inflows due to potential global trade wars amidst heightened volatility causing USD/CHF to tumble over 2% this week. This currency pair is likely to remain under pressure as the day progresses.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Pound (GBP)
Key news events today
S&P Construction PMI (9:30 am GMT)
BoE Monetary Policy Report (12:00 pm GMT)
What can we expect from GBP today?
Following strong output for most of 2024, construction activity eased to a six-month low of 53.3 in December. The slowdown was marked by weaker demand, higher borrowing costs and subdued consumer confidence. January’s estimate of 53.5 points to a somewhat unchanged figure, highlighting the softer pace of expansion for this sector.
Following a pause at December’s board meeting, the Bank of England (BoE) is now widely expected to reduce its official bank rate by 25 basis points (bps) to bring it down to 4.50%. Although inflation remains above the BoE’s target of 2%, the combination of a weakening labour market and ‘softer’ GDP activity have nudged this central bank toward a dovish action at the first meeting of 2025. The pound is likely to depreciate going into the announcement but it could remain steady should the statement project a balanced view with regards to the outlook on future monetary policy action.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Canadian Dollar (CAD)
Key news events today
Ivey PMI (3:00 pm GMT)
What can we expect from CAD today?
PMI activity in Canada has expanded steadily in the last quarter of 2024 as output rose from 52.3 in the previous month to 54.7 in December. January’s estimate of 53.0 points to another month of solid growth and could provide an additional boost for the Loonie which has appreciated strongly this week. USD/CAD has dived over 3% this week thus far and looks set to head even lower.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Similarly to the API stockpiles, the EIA inventories added a whopping 8.7M barrels of crude on Wednesday. Not only did storage levels swell for the second successive week, but the latest result was notably higher than the forecast of 2.4M barrels. Coupled with the recently developed concerns about a China-U.S. trade war fueling fears of sluggish economic growth, overhead pressures for this commodity remain firmly in place. WTI oil declined 2% on Wednesday as it dived as low as $70.98 per barrel – this benchmark was hovering above the $71 mark as Asian markets came online on Thursday.
Next 24 Hours Bias
Medium Bearish
The post IC Markets Asia Fundamental Forecast | 6 February 2025 first appeared on IC Markets | Official Blog.