Top 10 Forex News and Analysis – Feb 16, 2023
GOLD Analysis
XAUUSD Gold price is moving in the Descending channel and the market has fallen from the lower high area of the channel.
Polish President Andrzej Duda has urged NATO to act faster in the event of an attack from Russia, emphasizing new security plans for the alliance’s eastern flank. The call comes two days after NATO jets intercepted three Russian military planes near Poland. The Netherlands’ Ministry of Defense had said an unknown aircraft approached Poland’s NATO area of responsibility from Kaliningrad – a Russian enclave located between NATO and EU members Poland and Lithuania.
USDJPY Analysis
USDJPY is moving in the Rising wedge pattern and the market has rebounded from the higher low area of the pattern.
While Japan has seen the formation of new islands, and the quiet disappearance of another, geographers have said official statistics showing it is made up of around 6,000 islands are way off the mark. Using digital mapping technology, geographers will soon announce that Japan’s island count is actually double the previously recognised number, according to media reports. The authority launched the new study following criticism that the previous data were out of date, meaning the actual number of islands could be dramatically higher.
USDCHF Analysis
USDCHF is moving in the Descending channel and the market has fallen from the lower high area of the channel.
The U.S. government will run out of cash to pay its bills sometime between July and September unless Congress raises the nation’s $31.4 trillion debt ceiling, the nonpartisan Congressional Budget Office projected Wednesday. But the agency said the timing remained uncertain, and the government could find itself unable to meet its debt obligations even before July should it face a shortfall in income tax receipts. The U.S. government must borrow money to pay off its debt, and Congress would need to raise the current debt ceiling to avoid a potentially devastating debt default.
NZDUSD Analysis
NZDUSD is moving in the Descending channel and the market has rebounded from the lower low area of the channel.
New Zealand’s capital Wellington was swayed by a strong earthquake Wednesday, with residents reporting feeling a sudden jolt and buildings quivering. The US Geological Survey said the quake measured 5.7 on the moment magnitude scale, with an epicentre in the Cook Strait between the country’s two main islands. There were no immediate reports of damage, and no tsunami warning has been issued. But residents reported feeling the ground shaking for 10-20 seconds, likening it to a convoy of giant trucks rolling by.
EURUSD Analysis
EURUSD is moving in the Descending channel and the market has reached the lower high area of the channel.
As Russia’s onslaught in Ukraine approaches its one-year milestone, fears are growing about the Kremlin’s efforts to leverage simmering tensions in a “second battleground.” The Western Balkans, a group of six countries that European Union officials have repeatedly said belong to the European family, comprises Albania, Bosnia and Herzegovina, Montenegro, Kosovo, North Macedonia and Serbia. The promise of EU accession is viewed as the West’s most powerful tool to stabilise and integrate the region.
EURCAD Analysis
EURCAD is moving in the Descending channel and the market has fallen from the lower high area of the channel.
Newly released data from Immigration, Refugees and Citizenship Canada (IRCC) tells the story of a record year of growth for Canadian institutions and schools. IRCC reports that, as of 31 December 2022, there were 807,750 foreign students with active study permits (study visas) for Canada. This compares to just over 617,000 the year prior and represents an astonishing 31% year-over-year growth rate. That enrolment is also 27% higher than before the onset of the COVID-19 pandemic, and reflects overall growth of 43% over the previous five years and nearly 170% over the last decade.
GBPJPY Analysis
GBPJPY is moving in an Ascending triangle pattern and the market has reached the resistance area of the pattern.
Responding to China’s rise and its revisionist attempts, Japan has been pursuing its Indo-Pacific strategy for some years, and as such, has sought to deepen ties with other “like-minded” countries. As with other Indo-Pacific lynchpin actors, alignment with core partners and coalition building with broader supporters has been at the heart of Tokyo’s endeavors. As China under Xi Jinping becomes recklessly assertive, the role of middle players becomes crucial as it affects the outcome of the China-U.S. competition occurring in a fragmented multipolarity.
GBPCAD Analysis
GBPCAD is moving in the Descending triangle pattern and the market has rebounded from the horizontal support area of the pattern.
The UK is committing crimes against humanity after removing people from the Chagos Islands, a British territory in the Indian Ocean, a rights group said. Human Rights Watch called for Britain to pay reparations to Chagossians and allow them to return to the islands, from which more than 1,000 people were forced to leave in the 1960s and 1970s. Crimes against humanity are acts committed as part of a widespread or systematic attack directed against any civilian population.
GBPCHF Analysis
GBPCHF is moving in the Descending triangle pattern and the market has rebounded from the horizontal support area of the pattern.
The U.K. inflation rate fell for the third month in a row in January to hit 10.1%, below economists’ expectations, but high food and energy prices continued to put the pressure on British households. Economists polled by Reuters had forecast inflation would drop to 10.3% after the rate fell to 10.5% for December. Inflation has fallen consistently since hitting a 41-year-high of 11.1% in October. While the inflation rate has dropped, it’s important to remember prices aren’t necessarily going to start falling, according to Richard Ollive, senior advisor at financial services firm Wesleyan.
Crude Oil Analysis
Crude Oil is moving in the Descending channel and the market has fallen from the lower high area of the channel.
As the war rages on in Ukraine, the United States is doing more than supporting an ally. It’s learning lessons — with an eye toward a possible clash with China. No one knows what the next U.S. major military conflict will be or whether the U.S. will send troops — as it did in Afghanistan and Iraq — or provide vast amounts of aid and expertise, as it has done with Ukraine.
Top 10 Forex News and Analysis – Feb 16, 2023
GOLD Analysis
XAUUSD Gold price is moving in the Descending channel and the market has fallen from the lower high area of the channel.
Polish President Andrzej Duda has urged NATO to act faster in the event of an attack from Russia, emphasizing new security plans for the alliance’s eastern flank. The call comes two days after NATO jets intercepted three Russian military planes near Poland. The Netherlands’ Ministry of Defense had said an unknown aircraft approached Poland’s NATO area of responsibility from Kaliningrad – a Russian enclave located between NATO and EU members Poland and Lithuania.
USDJPY Analysis
USDJPY is moving in the Rising wedge pattern and the market has rebounded from the higher low area of the pattern.
While Japan has seen the formation of new islands, and the quiet disappearance of another, geographers have said official statistics showing it is made up of around 6,000 islands are way off the mark. Using digital mapping technology, geographers will soon announce that Japan’s island count is actually double the previously recognised number, according to media reports. The authority launched the new study following criticism that the previous data were out of date, meaning the actual number of islands could be dramatically higher.
USDCHF Analysis
USDCHF is moving in the Descending channel and the market has fallen from the lower high area of the channel.
The U.S. government will run out of cash to pay its bills sometime between July and September unless Congress raises the nation’s $31.4 trillion debt ceiling, the nonpartisan Congressional Budget Office projected Wednesday. But the agency said the timing remained uncertain, and the government could find itself unable to meet its debt obligations even before July should it face a shortfall in income tax receipts. The U.S. government must borrow money to pay off its debt, and Congress would need to raise the current debt ceiling to avoid a potentially devastating debt default.
NZDUSD Analysis
NZDUSD is moving in the Descending channel and the market has rebounded from the lower low area of the channel.
New Zealand’s capital Wellington was swayed by a strong earthquake Wednesday, with residents reporting feeling a sudden jolt and buildings quivering. The US Geological Survey said the quake measured 5.7 on the moment magnitude scale, with an epicentre in the Cook Strait between the country’s two main islands. There were no immediate reports of damage, and no tsunami warning has been issued. But residents reported feeling the ground shaking for 10-20 seconds, likening it to a convoy of giant trucks rolling by.
EURUSD Analysis
EURUSD is moving in the Descending channel and the market has reached the lower high area of the channel.
As Russia’s onslaught in Ukraine approaches its one-year milestone, fears are growing about the Kremlin’s efforts to leverage simmering tensions in a “second battleground.” The Western Balkans, a group of six countries that European Union officials have repeatedly said belong to the European family, comprises Albania, Bosnia and Herzegovina, Montenegro, Kosovo, North Macedonia and Serbia. The promise of EU accession is viewed as the West’s most powerful tool to stabilise and integrate the region.
EURCAD Analysis
EURCAD is moving in the Descending channel and the market has fallen from the lower high area of the channel.
Newly released data from Immigration, Refugees and Citizenship Canada (IRCC) tells the story of a record year of growth for Canadian institutions and schools. IRCC reports that, as of 31 December 2022, there were 807,750 foreign students with active study permits (study visas) for Canada. This compares to just over 617,000 the year prior and represents an astonishing 31% year-over-year growth rate. That enrolment is also 27% higher than before the onset of the COVID-19 pandemic, and reflects overall growth of 43% over the previous five years and nearly 170% over the last decade.
GBPJPY Analysis
GBPJPY is moving in an Ascending triangle pattern and the market has reached the resistance area of the pattern.
Responding to China’s rise and its revisionist attempts, Japan has been pursuing its Indo-Pacific strategy for some years, and as such, has sought to deepen ties with other “like-minded” countries. As with other Indo-Pacific lynchpin actors, alignment with core partners and coalition building with broader supporters has been at the heart of Tokyo’s endeavors. As China under Xi Jinping becomes recklessly assertive, the role of middle players becomes crucial as it affects the outcome of the China-U.S. competition occurring in a fragmented multipolarity.
GBPCAD Analysis
GBPCAD is moving in the Descending triangle pattern and the market has rebounded from the horizontal support area of the pattern.
The UK is committing crimes against humanity after removing people from the Chagos Islands, a British territory in the Indian Ocean, a rights group said. Human Rights Watch called for Britain to pay reparations to Chagossians and allow them to return to the islands, from which more than 1,000 people were forced to leave in the 1960s and 1970s. Crimes against humanity are acts committed as part of a widespread or systematic attack directed against any civilian population.
GBPCHF Analysis
GBPCHF is moving in the Descending triangle pattern and the market has rebounded from the horizontal support area of the pattern.
The U.K. inflation rate fell for the third month in a row in January to hit 10.1%, below economists’ expectations, but high food and energy prices continued to put the pressure on British households. Economists polled by Reuters had forecast inflation would drop to 10.3% after the rate fell to 10.5% for December. Inflation has fallen consistently since hitting a 41-year-high of 11.1% in October. While the inflation rate has dropped, it’s important to remember prices aren’t necessarily going to start falling, according to Richard Ollive, senior advisor at financial services firm Wesleyan.
Crude Oil Analysis
Crude Oil is moving in the Descending channel and the market has fallen from the lower high area of the channel.
As the war rages on in Ukraine, the United States is doing more than supporting an ally. It’s learning lessons — with an eye toward a possible clash with China. No one knows what the next U.S. major military conflict will be or whether the U.S. will send troops — as it did in Afghanistan and Iraq — or provide vast amounts of aid and expertise, as it has done with Ukraine.
