Today is a Chinese Lunar holiday so some stock markets in Asia close such as Shanghai and Hong Kong (early close). Early morning today, Australian market may wait to see employment change in January at 07.30 a.m. which predicts 15000 positions. I think Australian labor market is still strong because unemployment rate at 07.30 a.m. still expect the same at 5.5% so Aussie dollar may change by external factors.
After releasing U.S. CPI on Wednesday, investor may keep focusing on U.S. PPI in January at 20.30 p.m. which forecast higher. In my view, if PPI is higher than 0.4% and initial jobless claim is lower than 230,000, investor may think about the higher possibility of rising interest rate earlier. Therefore, there may be strong buy in greenback for speculation. In contrast, U.S. Philadelphia Fed Manufacturing Index in February predicts lower to 21.1 and this index was lower than expected so it may express the slow down U.S. economic. I also suggest seeing ADP nonfarm employment in Canada at 20.30 p.m. because it may navigate Loonie.
According to technical analysis, Bitcoin price may change trend because of the divergence. I suggest the support level around 5,800-7,000 USD. Ethereum also may have the similar situation as Bitcoin and I suggest support level around 620-700USD.
By Niramon Nitnitphruet
Financial analyst, Olymp Trade.