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4 Global Market Updates- 15 February, 2023

by Elena Martin   ·  February 15, 2023   ·  

4 Global Market Updates- 15 February, 2023

by Elena Martin   ·  February 15, 2023   ·  
In this article, we have covered the highlights of global market news about the GBP/USD, USD/JPY, EUR/USD and USD/CAD.

GBP/USD maintains its range-bound trend in the foreseeable future – UOB

According to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBP/USD is currently traveling within the 1.2040-1.2260 range in the immediate term.

Although we anticipated the pound to gain momentum Yesterday, we believed that a sustained advance over the key resistance level of 1.2200 was improbable. In NY trade, the pound spiked to a high of 1.2269 before falling sharply from the high and choppy trading to conclude the day at 1.2176 (+0.29%). We anticipate that the price movements will fall within an extensive consolidation range and that the GBP will trade today between 1.2220 and 1.2110.

In the next 1-3 weeks: “Yesterday (February 14, spot at 1.2140), we noted that instead of moving lower, GBP is more likely to stabilize and trade between 1.2040 and 1.2260. In New York trading, the GBP spiked momentarily to 1.2269 before ending at 1.2176 (+0.29%). Our prediction that the pound will trade between 1.2040 and 1.2260 has not changed.

USD/JPY Price Analysis: Bulls eye 133.00 inside the monthly rising wedge

After a two-day rally, the USD/JPY bulls take a break early on Wednesday morning in Europe as it eases to 133.00 before press time. But the Yen pair is still hovering around the previous day’s six-week high.


To renew the monthly high on Tuesday, investors of the USD/JPY applauded the breakout to the upside of the 50-DMA as well as positive MACD indications and higher RSI (14). The recent optimistic bias, however, didn’t seem to be accepted by the market, which questioned the quote’s potential upward.

The USD/JPY is still contained inside a negative rising wedge chart pattern that has been present for a month.

As a result, the DMA breakthrough joins optimistic oscillators to support the bulls. However, the upward potential seems limited to the top line of the indicated wedge, which is close to 133.60.

Even if the quotation moves over 133.60, the 200-DMA level around 136.90 will come before a two-month-old horizontal resistance territory between 134.50-70 to test the USD/JPY bulls.

EUR/USD is likely to consolidate between 1.0655 and 1.0815 – UOB

Markets Strategist Quek Ser Leang and Economist Lee Sue Ann of the UOB Group predict that in the following weeks, EUR/USD will trade between 1.0655 and 1.0815.

24-hour perspective: “In Yesterday’s NY trade, the euro spiked to a high of 1.0805 before falling vigorously and quickly to 1.0705 and trading choppy for the remainder of the day. The EUR exchange rate may continue to fluctuate between 1.0695 and 1.0775.

Within the next three weeks: “Yesterday, EUR temporarily rose over our 1.0800’strong resistance’ level” (high of 1.0804). The weakening of the EUR from early last week has ended, according to the breakdown of the “strong resistance” level. The EUR is anticipated to trade between 1.0655 and 1.0815. The present price fluctuations are probably the beginning of a consolidation period.

USD/CAD maintains rises over the mid-1.3300s despite falling oil prices and a stronger US Dollar.

Following Tuesday’s post-US CPI volatility, the USD/CAD pair is given new bids on Wednesday and maintains its intraday gains going into the European session. The pair is supported by several variables and is now trading at 1.3365, up over 0.25% for the day.


The commodity-linked Loonie is weaker due to falling crude oil prices, which, together with the US Dollar’s general strength, favors the USD/CAD pair. Investors are concerned that the economy’s challenges brought on by increased borrowing rates may reduce gasoline demand. Aside from this, the black liquid is affected by indications of yet another significant increase in US oil stocks. In reality, according to a study released on Tuesday by the American Petroleum Institute (API), US oil stocks increased by more than 10 million barrels for the week ending February 10.

Conversely, the US Dollar is strong and close to a multi-week high as prospects for additional Federal Reserve policy tightening grow. In reality, the markets were persuaded that the US central bank would maintain its hawkish position in light of the persistently rising inflation for extended periods. The most recent US CPI figure, which was published, and hawkish remarks made by numerous FOMC members on Tuesday confirmed the wagers. This helps the safe-haven dollar and supports the USD/CAD pair, combined with the pervasive risk-off mindset.

Please click here for the Market News Updates from 14 February, 2023.

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