<p>Eurozone CPI </p><p>Headline – </p><p>MoM Flash || -0.4% (Forecast 0.1%, Previous -0.4%)</p><p>YoY Flash || 8.5% (Forecast 8.9%, Previous 9.2%)</p><p>Core: </p><p>YoY Flash || 5.2% (Forecast 5.1%, Previous 5.2%)</p><p><a target=“_blank“ href=“https://ec.europa.eu/eurostat/documents/2995521/15893627/2-01022023-AP-EN.pdf/eda196ce-0a4c-618e-4155-ef2f464fcc4e“ target=“_blank“ rel=“nofollow“>RELEASE</a></p><p><a target=“_blank“ href=“https://PiQSuite.com/Suite/reuters/2023:newsml_KBN2UB2YS“ target=“_blank“ rel=“nofollow“>Reuters</a></p><p>The headline inflation drop is unlikely to expunge concerns among conservative policymakers that rapid price growth is getting entrenched, a worry reinforced by poor underlying inflation data on Wednesday.</p><p>Conservative policymakers are likely to argue that a milder-than-expected economic downturn will mean a smaller increase in unemployment, so wages will remain under upward pressure and force the ECB to raise rates even more.</p>

This article was written by Ryan Paisey at www.forexlive.com.

<p>The market is still trading based
on the “soft landing” narrative as inflation moderates and the labour market
remains tight for the Nasdaq Composite. Yesterday, the market once again cheered on the release of the <a target=“_blank“ href=“https://www.forexlive.com/news/us-employment-cost-index-for-q4-10-vs-11-estimate-20230131/“ target=“_blank“ rel=“follow“>Employment
Cost Index (ECI) for Q4</a>, which missed expectations and pushed back
further on the fears of a wage price spiral. </p><p>In fact, we’ve been seeing
moderation in wage growth for months and this should be a welcome news for
the Fed as that’s one of the biggest worries they had. Today there’s the <a target=“_blank“ href=“https://www.forexlive.com/centralbank/the-newsquawk-fomc-preview-20230201/“ target=“_blank“ rel=“follow“>FOMC
Policy Announcement</a> where the Fed is expected to hike by 25 bps
followed by Fed Chair Powell Press Conference where he’s expected to sound
hawkish. </p><p>Given that the market has already
priced in such outcomes, it’s unlikely to see very big moves and we should get back to trading
economic data on Friday when the NFP report gets released. </p><p>Nasdaq Composite Technical Analysis</p><p>On the daily chart above, we can
see that the price managed to reach the top of the range. This <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“ target=“_blank“ rel=“follow“>resistance</a> hasn’t been broken since
September 2022 and the bulls will need a good catalyst to target new highs. In
case the bullish sentiment continues, the next targets are the resistance at
the 12274 and the resistance at 13191. </p><p>On the other hand, if the price
fails to keep the bullish momentum going, the bears may regain control and
target the bottom of the range at 10200.</p><p>On the 1 hour chart above, we can
see that the price is trading in a rising channel with the near term <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“ target=“_blank“ rel=“follow“>support</a> at 11399, which has also the
bottom of the channel as further confluence. If the bears manage to break
below that zone, they should have the upper hand and target the support at
10200. </p><p>Drilling down to the 15 minutes
chart above, we can see that the price is now right within the resistance area
at 11500 and 11600. The price action may be choppy today as we head into the
FOMC Policy Announcement. </p><p>Before that we have other
important economic reports with the ISM Manufacturing PMI and US JOLTs at the
top of the list. The levels are defined though: stay above 11689 and the
bulls are in control, on the other hand, get below 11399 and the bears will
regain control. </p>

This article was written by ForexLive at www.forexlive.com.

<p><a target=“_blank“ href=“https://newsquawk.com/daily/article/?id=2838-us-market-open-sentiment-soured-despite-a-french-inflation-induced-move-higher-us-eci-due&utm_source=newsquawk&utm_medium=email&utm_campaign=newsletter&utm_content=us-open“ target=“_blank“ rel=“nofollow“>The Newsquawk US Market Open: Sentiment soured despite a French inflation induced move higher, US ECI due</a></p><p>Key Points:</p><p>European bourses are lower across the board, Euro Stoxx 50 -0.6%, as the upside after France’s CPI fizzled out and reverted back to softer APAC performance.</p><p>Stateside, futures are similarly pressured and have been in-fitting with European peers throughout the session ahead of key Employment Cost data, ES -0.5%.</p><p>USD is on the front foot amid the downturn in risk sentiment, EUR pressured post-French CPI while Antipodeans lag despite strong Chinese PMIs</p><p>EGBs are currently mixed/flat, despite pronounced action throughout the session in the wake of French and EZ data points, Bunds are currently towards the lower-end of 136.54-137.30 parameters.</p><p>Crude benchmarks have been moving lower throughout the session as sentiment sours somewhat as we move closer to the week’s key risk events</p><p>Looking ahead, highlights include US Employment Costs, Consumer Confidence. Earnings from Exxon Mobil, Marathon Petroleum, General Motors, Phillips 66, UPS, Pfizer, SYSCO, Caterpillar, AMD, Electronic Arts & Snap.</p>

This article was written by Ryan Paisey at www.forexlive.com.

<p><a target=“_blank“ href=“https://PiQSuite.com/Suite/reuters/2023:newsml_KBN2UA0V7 “ target=“_blank“ rel=“nofollow“>Reuters Note</a></p><p>Analysts and traders have significantly raised their predictions for gold prices but expect high interest rates to keep a lid on rallies, a Reuters poll showed on Tuesday.</p><p>The poll of 38 analysts and traders returned median forecasts for gold to average $1,825 an ounce in the first quarter of this year, $1,840 in the second, $1,852.50 in the full year and $1,890 in 2024.</p><p>Three months ago, a Reuters poll predicted prices would average $1,712.50 in 2023. In 2022, gold averaged $1,801.93.</p>

This article was written by Ryan Paisey at www.forexlive.com.

<p>In
this overview, we will discuss the specifics of Islamic accounts on Forex: what
they are necessary for and what advantages and drawbacks they have.</p><p>Specifics of swap trading on Forex</p><p><a target=“_blank“ href=“https://blog.roboforex.com/blog/2020/04/07/swaps-on-forex-examples-of-use/?utm_source=forexlive.com&utm_medium=pr&utm_campaign=rf_en_external_article&utm_content=article&utm_term=islamic%20account&a=ohrb“ target=“_blank“ rel=“follow“>A
swap</a> is an exchange (buy-sell) operation for various assets, where a direct
exchange deal is accompanies by a reverse deal that implies returning the same
assets after some set time on agreed conditions. A currency swap (overnight) is
two deals in the opposite directions for the same currency but with different
value setting dates.</p><p>In
the <a target=“_blank“ href=“https://blog.roboforex.com/blog/2019/03/05/what-is-forex/?utm_source=forexlive.com&utm_medium=pr&utm_campaign=rf_en_external_article&utm_content=article&utm_term=islamic%20account&a=ohrb“ target=“_blank“ rel=“follow“>Forex
market</a>, brokers normally charge/deposit a certain fee for transferring the
position for the next day. A swap (rollover) on Forex implies
depositing/withdrawing money (interest) for transferring an open position for
the next day. </p><p>After the position gets transferred overnight, the rollover
emerges from the difference in interest rates of different national currencies.
The bigger this difference is inside the <a target=“_blank“ href=“https://blog.roboforex.com/blog/2020/06/19/how-to-choose-a-currency-pair-for-trading-in-forex/?utm_source=forexlive.com&utm_medium=pr&utm_campaign=rf_en_external_article&utm_content=article&utm_term=islamic%20account&a=ohrb“ target=“_blank“ rel=“follow“>currency
pair you choose</a>, the bigger swaps are. Swaps can be either positive or
negative.</p><p>What are Islamic Forex accounts</p><p>In
Islam, usury, i.e. crediting on interest, is strictly forbidden as a grave sin.
Hence, broker companies providing access to the currency market offer to their
Muslim clients the so-called <a target=“_blank“ href=“https://roboforex.com/forex-trading/trading/swap-free/?utm_source=forexlive.com&utm_medium=pr&utm_campaign=rf_en_external_article&utm_content=article&utm_term=islamic%20account&a=ohrb“ target=“_blank“ rel=“follow“>Islamic
accounts on Forex</a>.</p><p>In
essence, those are swap-free accounts with no interests on them. As a rule,
they latter ones are replaced by a fixed commission charged for transferring
deals for the next day.</p><p>How Islamic accounts work on Forex</p><p>Instead
of swaps for transferring positions for the next day, clients pay a fixed
commission that only depends on certain currency pairs and open lots but not on
the interest rates of issuing banks. The more days the trade remains open, the
more money the trader will pay as the commission. The calculation formula for
calculating the commission fee for transferring open positions for the next day
looks as follows:</p><p>Commission
= (Commission per lot) * (Number of lots)</p><p>The
commission charged for transferring an open position for the next day differs
from currency pair to pair. To see how much it will be, check the list of
commission fees for rollovers on swap-free Islamic accounts offered by your
broker.</p><p>Advantages and drawbacks of Islamic accounts</p><p>Advantages:</p><ul>
<li>Respectful
attitude to religious clients and terms & conditions adapted for their
needs;</li>
<li>Possibly economic
in the long run: the commission for transferring position overnight might
be smaller than the negative swap.</li>
</ul><p>Drawbacks:</p><ul>
<li>As a rule, not all
account types and instruments offered by the broker are available for
swap-free trading;</li>
<li>There is no
replacement for a positive swap, which makes it impossible to make money
on transferring an open position for the next day.</li>
</ul><p>Summary</p><p>Islamic
accounts on Forex are a step towards Muslim clients that stick strictly to
their religious beliefs. Thanks to replacing the unacceptable swaps by fixed
commission fees, a lot of Muslim traders worldwide have the chance to trade on
Forex violating no religious rules.</p>

This article was written by ForexLive at www.forexlive.com.

<p><a target=“_blank“ href=“https://newsquawk.com/headlines/european-fx-update-dollar-defies-bearish-month-end-dynamics-into-fomc-31-01-2023″ target=“_blank“ rel=“nofollow“>EUROPEAN FX UPDATE: Dollar defies bearish month-end dynamics into FOMC</a></p><p>DXY The Buck bounced further amidst another downturn in broad risk sentiment and irrespective of any last minute fine-tuning for portfolio rebalancing over the turn, with the index establishing a firm base on the 102.000 handle to probe a pivotal, if not technical level in the form of a recent peak, at 102.550 (from January 20). To recap, this was the high before the demise to new 101.500 y-t-d low, so significant from a price and momentum perspective rather than chart standpoint. However, the DXY stalled at 102.610 from a 102.110 low and the Greenback ran into round number or psychological resistance against several G10 counterparts inside and outside the basket as the clock ticked down to day one of the latest Fed policy meeting, US ECI data and consumer confidence.</p><p>AUD/NZD/CAD Much weaker than forecast final retail sales more than offset any positives via unexpectedly strong Chinese PMIs for the Aussie that retreated further vs its US and NZ rivals, towards 0.7000 and through 1.0900 at one stage respectively. Nevertheless, the Kiwi also lost more ground relative to its US peer around the 0.6450 axis and the Loonie retreated from above 1.3400 to sub-1.3450 ahead of Canadian GDP for the month of November.</p><p>EUR/GBP/CHF The Euro largely shrugged off bleak German consumption data with some mitigation given the fact that import prices exceeded expectations, but Eur/Usd tested underlying bids into 1.0800 in the aftermath of preliminary French inflation readings that were in line or a bit below forecast to douse the flames from Monday’s scorching Spanish metrics. In similar vein, the Pound peaked around 1.2370 and subsequently got to within single digits of 1.2300, even before significantly worse than anticipated BoE consumer credit, mortgage lending and applications, while the Franc failed to get any therapy on the way to 0.9288 from circa 0.9238 as Swiss retail sales declined twice as fast last month compared to November.</p><p>JPY Softer US Treasury yields and the aforementioned risk aversion may have propped up the Yen along with retracement after buying into the Tokyo fix overnight in Usd/Jpy and crosses. Moreover, the headline pair could have waned on semi-psychological grounds having been capped close to 130.50, or fundamentals as Japanese retail sales and ip both surprised to the upside. Usd/Jpy based just over 130.00 awaiting the FOMC on Wednesday and with passing interest provided by Japan’s manufacturing PMI in the interim.</p>

This article was written by Ryan Paisey at www.forexlive.com.

<p class=“MsoNormal“><a target=“_blank“ href=“https://payretailers.com/en/“ target=“_blank“ rel=“follow“>PayRetailers</a>, LATAM’s leading all-in-one payment technology provider, has announced the appointment of Philippe Laranjeiro as Chief Commercial Officer (CCO). He will report to CEO Juan Pablo Jutgla, overseeing the company’s commercial operations, supporting rapid growth and increasing market share – while accelerating service optimization.</p><p class=“MsoNormal text-align-start“>Fintech growth leadership</p><p class=“MsoNormal“>Laranjeiro joins Spain-based PayRetailers with an impressive track record in the high-growth paytech sector, with more than 20 years of experience cultivating and scaling inclusive, equitable, high-performance teams. A fintech and payments veteran, he has previously worked in leadership roles for multiple Silicon Valley companies, including Atchik, Netsize, VISA, and Citcon.</p><p class=“MsoNormal“>His appointment supports PayRetailers’ ongoing growth strategy in a year that has seen the company expand its footprint from seven to 11 offices, more than double its headcount to over 200, and acquire <a target=“_blank“ href=“https://www.businesswire.com/news/home/20220407005690/en/PayRetailers-Acquires-Chile%E2%80%99s-Paygol-and-Colombia%E2%80%99s-Pago-Digital-in-Move-to-Unify-85-Billion-LATAM-E-Commerce-Market“ target=“_blank“ rel=“follow“>Paygol in Chile and Pago Digital in Columbia</a>. </p><p class=“MsoNormal“>PayRetailers Founder and CEO, Juan Pablo Jutgla, said, „We are thrilled to add someone of Philippe’s caliber to our leadership team. He is a deeply experienced and uniquely skilled fintech leader who possesses a clear client-first mentality. His experience and expertise in commercial leadership will be invaluable as we continue to focus on growth, profitability improvement, and business performance.” </p><p class=“MsoNormal text-align-start“>Leading LATAM’s digital transformations</p><p class=“MsoNormal text-align-start“>A specialist in aligning talent strategy to business growth, Laranjeiro will lead PayRetailers’ sales, partnerships, customer engagement and success strategy. Philippe Laranjeiro said, „I am excited to join the team at PayRetailers as we deploy our innovative technologies to empower merchants’ digital transformations and optimize new revenue streams.”</p><p class=“MsoNormal“>For more information about PayRetailers, please visit the company’s website at <a target=“_blank“ href=“https://payretailers.com/“ target=“_blank“ rel=“follow“>https://payretailers.com</a></p><p class=“MsoNormal“>About PayRetailers</p><p class=“MsoNormal“>Founded in 2017, PayRetailers is a leading global provider of online payment services with Latin DNA. Through one direct API, one technology platform and one contract, PayRetailers offer global merchants more than payment methods without the need of a local entity. </p><p class=“MsoNormal“>PayRetailers platform provides businesses the ability to manage their payment ecosystem, analyze data, and simplify their customer experience through fully integrated solutions.</p><p class=“MsoNormal“>PayRetailers is headquartered in Spain with regional offices in Argentina, Brazil, Chile, Colombia, Mexico, Costa Rica, Paraguay, and Peru. </p><p class=“MsoNormal“>Website: <a target=“_blank“ href=“https://www.payretailers.com/“ target=“_blank“ rel=“follow“>https://www.payretailers.com</a></p><p class=“MsoNormal“>LinkedIn: <a target=“_blank“ href=“https://www.linkedin.com/company/pay-retailers/“ target=“_blank“ rel=“follow“>https://www.linkedin.com/company/pay-retailers/</a></p>

This article was written by ForexLive at www.forexlive.com.

<p style=““ class=“text-align-justify“>Stocks are facing a rough time to start the new week and we are seeing S&P 500 futures fall lower by 43 points, down 1.1%, on the day currently. This is accompanied by a 1.4% drop in Nasdaq futures and a 0.8% drop in Dow futures as we continue to digest the market mood in European morning trade.</p><p style=““ class=“text-align-justify“>In the case of the S&P 500 index, the retreat in futures sets up yet another rejection at the 4,100 mark despite dip buyers looking for a more bullish breakout last week. The jump above the 200-day moving average (blue line) and key trendline resistance (white line) was extremely encouraging but there’s just this one last hurdle to clear.</p><p style=““ class=“text-align-justify“>As mentioned last week <a target=“_blank“ href=“https://www.forexlive.com/news/is-this-the-break-that-stocks-are-looking-for-20230124/“ target=“_blank“ rel=“follow“>here</a>, I’d be more convinced of a further upside break if the S&P 500 can clear 4,100 – so as to break the prevailing pattern of lower highs, lower lows. And it looks like we might not get there until after the major central bank decisions coming up later this week.</p>

This article was written by Justin Low at www.forexlive.com.

<p>Market picture</p><p>Bitcoin rose
5.3% last week to close at $23.8K. On Sunday, the first cryptocurrency was one
step away from $24K, updating its high since August. Ethereum gained 0.9% to
$1640. Top-10 leading altcoins have gained between 2.7% (Dogecoin) and 18.8%
(Polygon).</p><p>Total
cryptocurrency market capitalisation rose 4.4% to $1.08 trillion over the week,
according to CoinMarketCap. The cryptocurrency fear and greed index reached the
greed zone for the first time since late March last year.</p><p>Bitcoin is
gradually approaching its key moving averages. The 200-week is just above
$24.7K, and the 50-week is now at $24.5K. A break below these levels would be a
strong sell signal. A rebound above them could restore confidence in the crypto
market. But be prepared for a prolonged consolidation or correction before a
decisive move higher. </p><p>Polygon
(MATIC) broke into the top 10 by capitalisation, taking over Solana. Over the
past 30 days, the price of MATIC has increased by 52%. Ethereum’s second-tier
scaling network came second by daily users, behind the BNB chain.</p><p>Another
recalculation showed a 4.7% increase in the mining complexity of the first
cryptocurrency. The index renewed its all-time high at 39.35T.</p><p>News Background</p><p>According to
Matrixport, US institutional investors have started actively buying bitcoin,
accounting for up to 85% of all purchases. Altcoins are still largely lagging
but could soon overtake the top two cryptocurrencies. </p><p>According to
Reuters, the US Securities and Exchange Commission (SEC) has begun inspecting
Wall Street financial advisors for cryptocurrency custody services.</p><p>One of the
largest rating agencies, Moody’s, is developing a scoring system to analyse the
risks of stablecoins. The platform will be based on assessing the quality of
collateral reports and will support up to 20 assets.</p><p>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“ rel=“follow“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>

This article was written by FxPro FXPro at www.forexlive.com.

<p style=““ class=“text-align-justify“>Despite equities posturing more defensively, there isn’t a clear hint of a theme among major currencies. The dollar is trading more mixed as it is slightly higher against the yen, loonie and aussie but a touch softer against the euro, franc and kiwi at the moment. It seems like traders are still sorting out their feet to start the new week with <a target=“_blank“ href=“https://www.forexlive.com/news/month-end-action-in-focus-20230130/“ target=“_blank“ rel=“follow“>month-end also in focus</a>.</p><p style=““ class=“text-align-justify“>USD/JPY was lower in Asia down to 129.20 but is now trading back up to around 130.00 although the predominantly downtrend is still very much intact (as seen below). Meanwhile, other dollar pairs are still respecting the technicals highlighted at the end of last week <a target=“_blank“ href=“https://www.forexlive.com/news/its-been-a-choppy-week-for-the-dollar-what-are-the-key-levels-to-watch-20230127/“ target=“_blank“ rel=“follow“>here</a> so there isn’t much else to comment on that.</p><p style=““ class=“text-align-justify“>It’s going to be a bit messy to figure things out in the next few sessions as markets will be bracing for the <a target=“_blank“ href=“https://www.forexlive.com/news/another-week-of-central-bank-bonanza-coming-up-20230130/“ target=“_blank“ rel=“follow“>central bank bonanza</a> coming up later this week, while having to deal with month-end rebalancing flows as well.</p><p style=““ class=“text-align-justify“>But as always, the technicals are arguably the best tool you can use to try and define risk and gauge the market bias during times like these. Otherwise, there might not be much else to work with to start the week as all eyes will be on the Fed, BOE and ECB in the coming days.</p>

This article was written by Justin Low at www.forexlive.com.