Your free guide to the markets this week!
To help you to earn more with TIQL we’re sharing this free guide to the markets and dates to watch this week. Economic news and announcements cause financial markets to move a lot, and may provide some opportunities to trade.
Remember, you can earn some extra cash by inviting people to trade with TIQL. The very first time someone you invite makes a deposit of $5 of more, you will receive $1. Whoever you invite also gets $1 USD to trade with; you can’t get better than that! You can keep earning as we pay you a percentage every time your supporters trade with TIQL. Get all the details here.
CAD: Bank Rate Thursday
Traders get all excited when a national bank announces its latest rate and this week it’s Canada’s turn (3pm GMT Wednesday 17th). Its key Overnight Rate currently stands at 1.00% though forecasters predict a rise to 1.25% on the back of strong hints from banking figures. The last change was in September last year when it also rose by 0.25% from 0.75%.
It’s likely the rise will have been priced in so traders are more interested in the Rate Statement (3pm GMT Wednesday 17th), which might give insights into the reasons behind the decision and reveal any discord among the committee members. The Press Conference (4.15pm GMT Wednesday 17th) will be the most volatile time as the BoC Governor fields questions from the press.
CNY: the world’s production powerhouse
The world will learn the latest GDP figures for one of the world’s biggest economies this week. As a production powerhouse China’s consumption of resources directly impacts commodity prices, like oil, and other economies – Australia, we see you down there. Last quarter GDP grew by 6.8%. This time its forecast to dip to 6.7% ( 7am GMT Thursday 18th).
At the same time Industrial Production is released (7am GMT Thursday 18th). This is compared to figures from the same time last year. It looks like Industrial Production will remain the same at 6.1% compared to a year ago. It’s the main factor in the Chinese economy so any deviation from this will impact widely.
The Chinese currency is increasingly important after recent news that Germany’s central bank has started to include renminbi in its reserves. China keeps a tight rein on the exchange rate and the currency strengthened by nearly 7% against the dollar in 2017. Definitely one to watch.
Tiql players who want to start playing the yuan should watch commodities news, like oil. Crude Oil Inventories are one indicator they can also play (4pm GMT Thursday 18th). AUD is also related with a couple of good events this week.
USD: What would MLK say?
Martin Luther King (MLK) is the father of the anti-segregation movement. He even has his own national holiday (Monday 15th January) – Martin Luther King Day. It’s a Bank Holiday in the USA so the country will be rejoicing in its anti-racist hero instead of trading the markets for a day. After recent comments about Haiti and Africa, some would use that as an opportunity to make a cheap Trump joke. But he likes a day off as much as the next man.
US currency and commodities traders will be back in action from Tuesday when the biggest market action will come later in the week. USD traders can get stuck in with Building Permits (1.30pm GMT Thursday 18th January). This data gives analysts a good insight into future construction activity. Home building relies on a strong economy for a supply of buyers so any increase in the number of permits may suggest confidence. Current predictions suggest a slight drop (1.30M to 1.29M).
Unemployment Claims (1.30pm GMT Thursday 18th) will shed light on the number of people newly out of work. Early forecasts are positive with a fall of 10K predicted, down from 261K. This is good news for incoming Fed Reserve boss, Powell, who takes the reins of the economy next month.
Here are the main news events to look out for this week:
• Tue Jan 16
◦ 09:30:00 GMT GBP CPI y/y
• Wed Jan 17
◦ 15:00:00 GMT CAD BOC Monetary Policy Report
◦ 15:00:00 GMT CAD Overnight Rate
◦ 15:00:00 GMT CAD BOC Rate Statement
◦ 16:15:00 GMT CAD BOC Press Conference
• Thu Jan 18
◦ 00:30:00 GMT AUD Employment Change
◦ 00:30:00 GMT AUD Unemployment Rate
◦ 13:30:00 GMT USD Unemployment Claims
◦ 13:30:00 GMT USD Building Permits
◦ 16:00:00 GMT USD Crude Oil Inventories
• Fri Jan 19
◦ 09:30:00 GMT GBP Retail Sales m/m
Some Markets to Watch…
Bitcoin: 13000 was defended late last week and BTCUSD is presently trading just above 14000. Where to next for this crypto? Who knows in the short term. We have resistance at 15,000 and previous demand at 13,000 and 12,000; these are the levels we are watching as we go into the trading week.
Brent Oil: $70 looks like an interesting level to watch on this market where we had previous demand there from 2015. $65 may support with previous recent demand.
Crude: Crude oil is also at a potential decision point. Will the bulls push on or is this the level sellers come in?
EURUSD: The euro has been well bought over the last few days. For now, the 1.23 level is key and we have seen some of the longs covering their positions here.
Gold: Looks like a retest of the highs is on the cards if the bulls can keep on the pressure. The chart below highlights some support and resistance levels, which may be of interest.
USDCAD: All eyes on 1.24 to see where it goes from here. More dollar weakness and we may see this level breached this week.
GBPUSD: 1.38 is a key level this week. We are testing the 61.8 fibonacci retracement and an old low made before the Brexit vote. This drive higher has been aided by the weak dollar and some recent news on Brexit negotiations.
USDJPY: the Yen is testing a key level now at 110.75. Below this, we might expect a test of the round number 110 and if we get a deeper correction, the 107.5 where we found demand before. Any trades back into the consolidation and 113 might provide resistance.
Whichever way you think these markets are going to go, you can trade these and other markets from as little as 1 cent with TIQL.
Markets can really move during news events; all TIQL trades come with guaranteed stops to always protect you from losing more than you have invested in a trade.
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