EURUSD Analysis
EURUSD is moving in an Ascending channel and the market has reached the higher low area of the channel.
The European Union’s economy is set to “narrowly” avoid a much-dreaded recession this year, as inflation eases and gas prices continue their steep drop, paving the way for better-than-expected economic performance, the European Commission has said in its latest forecast. The report, released on Monday morning, offers a glimmer of good news amid a still extremely uncertain and challenging landscape that remains intrinsically dependent on what step Russia takes next in its brutal invasion of Ukraine, which is nearing its one-year anniversary.
GOLD Analysis
XAUUSD Gold price is moving in the Descending channel and the market has fallen from the lower high area of the channel.
Russia will cut oil output by 500,000 barrels per day in March, following Western bans on Moscow’s crude and oil products implemented in the past few months. The announced production decline amounts to roughly 5% of Russia’s latest crude oil output. The Paris-based International Energy Agency estimated was down to 9.77 million barrels per day in December. The EU implemented bans on seaborne imports of crude oil.
SILVER Analysis
XAGUSD Silver Price is moving in the Descending channel and the market has reached the lower low area of the channel.
Officials in Turkey say 113 arrest warrants have been issued in connection with the construction of buildings that collapsed in Monday’s earthquake. Turkish police have already taken at least 12 people into custody, including building contractors. Meanwhile, unrest in southern Turkey has disrupted rescue efforts in some places. The number of people confirmed to have died in Turkey, and Syria has risen to more than 33,000. More arrests are expected – but the action will be seen by many as an attempt to divert overall blame for the disaster.
USDCHF Analysis
USDCHF is moving in the Descending channel and the market has reached the lower high area of the channel.
Due to capacity constraints, Switzerland could not send a rescue team to Syria, as it had already sent one to Turkey. Still, it will send experts this week to assess the country’s humanitarian needs. Earlier in the day, the Swiss foreign ministry issued a statement saying that a team of experts would be sent to Syria at the end of the week to assess humanitarian needs. Turkey and Syria were rattled on Monday by at least three major earthquakes and dozens of aftershocks that killed more than 10,000 people and collapsed thousands of homes.
USDJPY Analysis
USDJPY is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
After signing separate defense deals with the United States and Japan, the Philippines is now also reviewing a proposed tripartite security pact with these countries amid tensions with China and concerns it could be pulled into a Taiwan conflict. Philippine President Ferdinand Marcos Jr. told Kyodo News that the proposal was discussed with Prime Minister Fumio Kishida during his five-day visit to Tokyo, which ended Sunday.
EURCAD Analysis
EURCAD is moving in the Box pattern and the market has reached the horizontal support area of the pattern.
The European Commission has tabled long-awaited rules defining the circumstances under which hydrogen can be labelled as coming from “renewable” energy sources. Last minute, Paris also won recognition for low-carbon hydrogen produced from nuclear electricity. As Europe turns to hydrogen, there are fears that electrolyzes producing the gaseous fuel will drive up demand for power and cannibalize renewable electricity intended for other uses.
GBPUSD Analysis
GBPUSD is moving in an Ascending channel and the market has reached the higher low area of the channel.
The UK avoided entering a recession at the end of last year by the narrowest of margins, official figures have revealed, after economic growth flatlined in the final three months of 2022. A decline in the gross domestic product (GDP) of 0.5% in December was offset by increases in the two previous months, leaving the economy performing at roughly the same level as the previous quarter. However, the economy remains 0.8% below its pre-pandemic peak in 2019.
CHFJPY Analysis
CHFJPY is moving in an Ascending channel and the market has reached the higher high area of the channel.
Chinese ships have repeatedly entered Japan’s territorial waters or sailed through adjacent areas, most notably near the Senkaku Islands, a group of East China Sea islets controlled by Japan but claimed by China, which it calls Diaoyu. China’s growing military presence in the South and East China seas has been a source of friction with some countries in the regions due to many having overlapping territorial claims.
AUDJPY Analysis
AUDJPY is moving in the Descending channel and the market has reached the lower high area of the channel.
Defense-related officials in Japan have raised concerns over the feasibility of the Self-Defense Forces shooting down spy balloons flying above the country. Earlier this month, the downing of a suspected Chinese spy balloon by a U.S. fighter jet turned the spotlight on similar objects that had been spotted floating above Japan in the past few years. The Defense Ministry has adopted a position that it will not rule out the possibility of shooting such objects down.
AUDNZD Analysis
AUDNZD is moving in an Ascending channel and the market has reached the higher low area of the channel.
The Foreign Minister of Bangladesh is pressing Australia to take more Rohingyas languishing in camps as officials from across the region gather in Adelaide to discuss people smuggling and the growing number of refugees dying at sea. Human rights groups are demanding that officials and politicians kickstart a new regional response to the latest wave of Rohingya refugees. Almost 350 people died or went missing at sea in 2022 while fleeing civil conflict in Myanmar or refugee camps across the border in Bangladesh.
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