172
Currency Analyst since 2010

Jan. 23: MARKET OVERVIEW

EUR/USD is trading at 11-year low in the 1.1315 area after the European Central Bank launched a quantitative easing program. The euro is preparing for another challenge in form of the Greek elections on Jan. 25. If the leftist Syriza party wins, it could trigger a standoff with the EU/IMF lenders and make Greece quit from the euro zone.

European shares surged, German stocks hit record highs and euro zone bonds rallied, while German government bond yields slid to new record lows. On Wall Street, the S&P 500 and the Dow each gained 1.5%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose to an 8-week high. Japan’s Nikkei gained 1%.

The market didn’t react much on HSBC flash PMI which showed China’s manufacturing growth stalling for the second straight month in January.

Crude oil prices bounced after Saudi Arabia announced that King Abdullah had died and his successor, Salman, quickly named his own heir to rule the world’s biggest oil exporter.

AUD/USD fell to 0.7964 as traders think that the Reserve Bank of Australia may soon ease its policy.

Here are the main upcoming events:

Scroll to top