FUNDAMENTAL NEWS AND TECHNICAL ANALYSIS REPORT - 02 JANUARY
THE FINANCE MINISTER OF GERMANY FORECASTS 7% INFLATION IN 2023Asian stock market closes in green on Friday. The Shanghai Composite is up 0.51% at 3073.70. Overall, the Singapore MSCI is flat 0.00% at 288.35. Over in Hong Kong, the Hang Seng Index is up 0.20% at 19741.14. In Japan, the Nikkei 225 is flat 0.00 at 26093.67. While the Topix index is down 0.19% at 1895.27 South Korea’s Kospi is down 0.48% at 2236.40. Australia S&P/ASX 200 up 0.26% at 7020.10.
TOP NEWS OF THE DAY:Germany’s finance minister expects inflation in Europe’s biggest economy to drop to 7% this year and to continue falling in 2024 and beyond, but believes high energy prices will become the new normal.
“The target remains 2%. This must be a top priority for the European Central Bank and the German government,” Christian Lindner said in an interview with Bild newspaper published on Sunday.
Pushed by spiking energy prices following Russia’s invasion of Ukraine and falling Russian energy exports, Germany’s year-on-year inflation has slowed slightly in November to 11.3% from a high of 11.6% the month prior.
Lindner said Germany needs an “unbiased” energy policy in order to keep industry ticking, adding that domestic gas and oil fracking and nuclear energy should be considered in the energy sources mix along with renewables.
TECHNICAL SUMMARYGBPUSD TECHNICAL ANALYSIS
TRADE SUGGESTION – BUY AT 1.20759, TAKE PROFIT AT 1.21045, SL AT 1.20586
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