1 Minute Market Rundown – 11th January 2023
Markets Retain Yesterday’s Quiet Tone
Hard to See Much Movement Ahead of CPI Tomorrow
Alts Drift Lower But Majors Still Bid
Sometimes I look forward to writing this piece, other days it can be a struggle to find new things to say. Today is definitely one for the latter category.
All eyes and focus is on the US CPI data tomorrow afternoon and today will be driven by positioning ahead of that. The market is leaning short USD and long risk looking at price action and whilst we could see some mild reduction in positioning, I doubt we will see any major changes. I struggle to see the Euro outside of 1.07/1.08 GBP 1.2080/1.2200 or USD/JPY regaining 133.10.
In crypto, the Altcoins have drifted off their highs after a stellar start to the year but interestingly BTC and ETH remain firm and should there be a move pre-CPI, it could be 1350 in ETH yielding as full FOMO takes hold. I will wait for the break, as advocated yesterday, and hope it is post a weak CPI print so as to give real momentum to the move.
Good luck as always!
Richard Usher – Head of OTC Trading
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