Nick Batsford, CEO of Tip TV, was joined by Zak Mir, technical analyst for Zak’s Traders Café, on the Tip TV Finance Show to discuss the BoJ meeting, the EUR/USD, as well as the latest GfK survey and a section of live charting.
BoJ stays put with inflation way off target
Batsford highlighted Elliott, who noted that at today’s central bank meeting in Tokyo the board voted 8-1 to keep rates unchanged at 0.1% and continue the QE programme to the tune of 80 trillion Yen per year. Later today they will release semi-annual long term forecasts for prices and the economy. Governor Kurado in his press conference noted that there was no need to ease monetary conditions further, at least not just now. This perhaps suggests they are expecting inflation to move back towards their 2% target. Yet Elliott also commented that CPI data showed Tokyo prices excluding fresh fish (which is the one the Japanese focus on) dropped by 0.2% in the year to October while nationwide inflation slipped by 0.1% in the year to September. Batsford also outlined FX Street, who commented that the BoJ stated that inflation is lower based on oil prices.
EUR/USD sees bullish RSI divergence
Batsford continued with FX Street, who added that there is bullish divergence on the 4-hour chart, with the bulls needing a daily close above 1.1088, meanwhile, weak Eurozone CPI could push EUR back to 1.09.
Live Charting
Mir began with RBS, and he noted that the bank has been a mess of late, and it needs a higher low above the 50-DMA to move beyond the 320 level.
In terms of Lloyds, Mir commented that it had a gap down through the 50-DMA, yet still remains above 72 due to solid support, despite government selling.
Mir continued that SN has long-term support from August 2014, and this line fits towards £10.70.
When concerning Audioboom, he finished by outlining that the shares are ticking up, and it may be experiencing the beginning of the end of the stocks bear run.
Watch the video to see more analysis on CEY, MGGT, INL, BAE Systems and Centrica.
More worries over the general economy for British consumers
Batsford highlighted Elliott, who concluded that the latest GfK survey on the British consumer shows that while personal finances have improved, worries about the economy more generally have increased.
We are not authorised by the Financial Conduct Authority of England and Wales. The information and/or data on this website is provided by us and any data providers which may be used by us for your general information and use only and is not intended for trading purposes or to address your particular financial or other requirements. In particular, the information and/or data on the website:
(1) does not constitute any form of advice (financial, investment, tax, medical, legal, spread -betting or otherwise); and (2) does not constitute any inducement, invitation or recommendation relating to any of the products listed or referred to; and (3) is not intended to be relied upon by you in making (or refraining to make) any specific investment, placing any bet or making any other decision; and (4) has not been issued or approved by Tip TV for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended from time to time).
Opinions expressed by speakers in the videos, writers of the blogs are only opinions and not expert advice. These opinions do not necessarily agree with those held by Tip TV, its directors, agents or employees who disclaim any intent to make betting, securities or securities markets recommendations. The value of investments and the income derived from them may fall as well as rise. APPROPRIATE EXPERT INDEPENDENT ADVICE SHOULD BE OBTAINED BEFORE MAKING ANY INVESTMENT, PLACING ANY BET OR MAKING ANY OTHER DECISIONS.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.