Insights

1 Minute Market Rundown – 20th January 2023

Global Risk Assets Largely Ignore US Sell-Off
Crypto Holds in After First Sell-Off of the Year
Data Free Calendar Should Ensure Quiet End to the Week

The key question yesterday was would the sell off in US stocks on Wednesday garner momentum elsewhere? The answer was no, at least for now, as early attempts lower in stocks and Crypto made no progress and everything has bounced back to mid range today.

Sadly for me it makes writing an interesting morning piece a challenge (ok, more than usual) as there really is not an awful lot new to say.

The calendar is light today and I suspect we will see a gentle drift higher in markets into the weekend barring any headline events. The FOMC enters a blackout period from tomorrow ahead of its next policy announcement and with the Central Bank calendar stacked into the first week of February I suspect we may just see less volatility for a while.

In that environment I like to sell USD rallies and dips in Crypto with half an eye on the gaps I mentioned yesterday in ETH and in the BTC chart attached below. BTC is consolidating broadly 20500-21500 and a break with side should see momentum increase. Until then, range trading is the order of the day.

Short and sweet, have a lovely weekend.

Richard Usher – Head of OTC Trading

Richard-Usher

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Written by
Richard Usher

Richard Usher, our Head of OTC Trading, has spent nearly 30 years in the world of Banking specialising in Foreign Exchange (FX) trading before combining his knowledge of these markets with Crypto. Most recently Richard was Head of FX for Europe the Middle East and Africa at J.P.Morgan, following on from his role as Chief FX dealer at Royal Bank of Scotland.

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