Buddhist holiday in Thailand – Powell will speak again

Dow Jones fell 299 point after the first testified of Jerome Powell on Tuesday. Investor interpret that Fed may rise the interest 4 times in 2018 even Powell the truth he just open for interest rate hike. U.S. dollar rose up after Powell’s speech so Thai baht fell to 31.523 on Tuesday. The most stock markets in Asia traded lower on Wednesday but SET keep staying in green by the announcement of election on February 2019. Shanghai shares may open lower because Caixin Manufacturing PMI of February at 8.45 p.m. may edge lower than 51.3.
EUR/USD is getting close to the reversal pattern “Double top” after U.S. dollar rising. If German manufacturing PMI at 15.55 p.m. and EU manufacturing PMI at 16.00 p.m. of February are lower than expected, euro may fall lower than 1.2200 points. According to the reversal pattern, euro may fall to 1.1900 points.


Investor still focuses on a new Fed chair speech today at 22.00 p.m. and greenback may hold steady or rise up before his second testify. After his speech dollar may rise higher by short-term speculation. Pound may drop lower than 1.3800 points because the steady dollar and U.K. manufacturing PMI in February forecast lower. U.S. dollar may hold steady even U.S. manufacturing PMI in February at 22.00 p.m. predict lower because of the Fed monetary.
Financial Action Task Force (FATF) will make a new policy and standard for cryptocurrency by agreement of 35 countries during the meeting on 18-23 February 2018 in Paris. FATF will edit and report the finance ministers in G20 meeting in March. While major cryptocurrency try to rise: BTC may rise to 12,000USD, ETH may rise to 1,000USD and LCT may rise to 260USD.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

Olymp Trade Review