Daily Market Outlook, February 21, 2023

Daily Market Outlook, February 21, 2023Asian Markets Marking Time, Waiting Lead From Wall StreetAsian equities are trading with a muted tone overnight as they lacked a lead from Wall Street given the NYSE was closed for US Presidents Day celebrations. The Nikkei and Shanghai Comp are rotating around the flatline for the session, while the Hang Seng is the standout underperformer shedding over 1.5% driven by regional tech losses. The subdued risk sentiment in Asian trade was compounded by the recent minutes from the Reserve Bank of Australia, which confirmed that discussion at the most recent meeting was around the scale of a hike 25 or 50bps, with a pause not even on the table for negotiation, as the minutes confirmed the board were committed to further rate increases in the coming months, once again dashing dovish investors desiresEuropean bourses are set to open with a softer tone this morning ahead of flash PMI prints for the Uk, Germany and the Eurozone. Stateside investor focus will be firmly on FOMC minutes released later today, markets are currently pricing a higher terminal rate circa 5.3% for July with a 2023 rate curve remaining above 5%, as investors abandon hopes of rate cuts this year. With the US inflation backdrop remaining stubbornly sticky, combined with the robustness of the employment landscape it is likely the Fed minutes will confirm that the Open Market committee are poised to keep the pedal to the metal on the higher for longer rates mantra, certainly the recent price action in the Dollar cements this view the DXY has recovered its losses for the year so far and looks poised to challenge the pivotal 105 handle, weighing on global risk sentiment, with MSCI Index the broadest Asian-Pacific gauge sitting towards six week lows after retreating 3% so far in February.FX Options Expiration New York CutUSDJPY 133.50(300m)AUDUSD .6410(747m), .6730(743m)Overnight News of NoteUS Futures Fall, Try To Rebound From Third Weekly DeclinePutin To Update Russia’s Elite On Ukraine In Major SpeechChina Says 'Deeply Worried' On Escalation Of Ukraine WarChina Launch Private Equity Pilot To Boost Property SectorChina Busy Roads Show Economic Recovery Gathers PaceBoJ's Kuroda: Wages Set To Accelerate On Tight Job MarketJapan’s Factory Activity Falls At Fastest Pace In Over 2 YearsAustralia Considered 25 Or 50Bps Rate Hike, Minutes RevealUK PM Sunak Lobbies Tory MPs To Back Looming Brexit DealNI Brexit Deal Could Trigger Resignations, UK PM Sunak ToldGermany’s ZEW Investor Confidence Set To Continue HigherHSBC Profits Rocket As Rising Interest Rates Boost RevenueBHP Cuts Record Dividend As China Slowdown Dents Profits(Sourced from Bloomberg, Reuters and other reliable financial news outlets)Technical & Trade ViewsSP500 Bias: Intraday Bullish Above Bearish Below 4100Primary support is 4005Primary objective is 4384Below 4000 opens 396520 Day VWAP bearish, 5 Day VWAP bearishEURUSD Bias: Intraday Bullish Above Bearish below 1.0710Primary resistance is 1.0850Primary objective is 1.0430Above 1.0860 opens 1.0920 Day VWAP bearish, 5 Day VWAP bearishGBPUSD Bias: Intraday Bullish Above Bearish below 1.21Primary resistance  is 1.2265Primary objective 1.1785Above 1.2265 opens 1.233720 Day VWAP bearish, 5 Day VWAP bearishUSDJPY Bias: Intraday Bullish above Bearish Below 134Primary support  is 131.85Primary objective is 134.70Below 130.80 opens 130.1120 Day VWAP bullish, 5 Day VWAP bullishAUDUSD Bias: Intraday Bullish Above Bearish below .7050Primary resistance is .7050Primary objective is .6750Above .7150 opens .725020 Day VWAP bearish, 5 Day VWAP bearishBTCUSD Intraday Bias: Bullish Above Bearish below 25200Primary support 23600Primary objective is 26700Below 20300 opens 1950020 Day VWAP bullish, 5 Day VWAP bullish

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/daily-market-outlook-february-21-2023
via IFTTT