1. Forex Market Insight
EUR/USD
The dollar jumped on Tuesday, 3 January 2023 and the euro fell as inflation eased, the Federal Reserve will release minutes from its December meeting on Thursday.
The Fed slowed the pace of rate hikes to 50 basis points last month after four consecutive 75-basis-point hikes but stressed the need to keep rates in the restrictive territory to keep inflation down.
The euro fell 0.92% to $1.0567 after inflation data released by Germany’s statistics office showed price pressures eased in December, suggesting national inflation may have also slowed for a second straight month, partly due to a one-time government subsidy to households for energy bills.
Technical Analysis：
(EUR/USD 1-hour Chart)
We focus on the 1.0642 line today. If the EUR runs below the 1.0642 line, then pay attention to the support strength of the two positions of 1.0440 and 1.0275. If the strength of the EUR rises over the 1.0642 line, then pay attention to the suppression strength of the two positions of 1.0586 and 1.0624.
GBP Intraday Trend Analysis
Fundamental Analysis：
According to British media reports on January 3 (local time), as the pay, jobs, working conditions, and other disputes have not been resolved for a long time, the British National Union of Rail, Maritime, and Transport Workers announced the same day, the union of more than 40,000 workers will continue to hold a four-day strike this week, the British railroad system will again be in a state of near paralysis.
Since June 2022, the British railroad industry has held several rounds of strike activities, the public travel was seriously affected. People’s travel has been seriously affected.
Technical Analysis：
(GBP/USD 1-hour Chart)
GBP is mainly focused on the 1.2147-line today. If GBP runs below the 1.2147-line, it will pay attention to the suppression strength of the two positions of 1.194 and 1.1762. If GBP runs above the 1.2147-line, then pay attention to the suppression strength of the two positions of 1.2311 and 1.2478.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Gold prices opened in 2023 at their highest in more than six months on Tuesday, 3 January 2023 as index U.S. bond yields fell and markets assessed the prospects for further interest rate hikes by the Federal Reserve, which have been a major headwind for gold over the last year.
The market is now focused on the minutes of the Fed’s Dec. 13-14 policy meeting to be released this week, as well as other economic data expected to come out this week.
Technical Analysis：
(Gold 1-hour Chart)
Gold pays attention to the 1847-line today. If the gold price runs below the 1847-line, then it will pay attention to the support strength of the 1832 and 1820 positions. If the gold price breaks above the 1847-line, then pay attention to the suppression strength of the two positions of 1866 and 1876.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
Oil prices fell sharply by more than 4% in shaky trading Tuesday, weighed down by weak demand data, a gloomy economic outlook and a stronger dollar. The dollar posted its biggest one-day gain in more than two weeks.
Technical Analysis：
(Crude Oil 1-hour Chart)
Oil prices focus on the 76.94- line today. If the oil price runs above the 76.94 -line, then focus on the suppression strength of the two positions of 77.76 and 79.07. If the oil price runs below the 79.94 -line, then pay attention to the support strength of the two positions of 76.07 and 75.04.
Disclaimer
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