Forex Top Team

Quiet Start to the Week, NY and Canadian Markets Closed Later

This week begins with a quiet start. The US inflation indicators released last week showed a temporary easing, indicating a slight relief in persistent inflationary pressures. However, the overall trend of decreasing inflation rates seems to have been maintained. In the forex market, there was a predominant buying of the dollar in response to better-than-expected inflation data. However, weaker-than-expected US retail sales also suggested a careful management of monetary policy to cool down the overheating economy. The USD’s upward movement had stabilized as the week ended.

Today marks the end of the Chinese Spring Festival holiday, with the number of travelers during the extended break surpassing pre-pandemic levels, indicating significantly active consumption. Additionally, there were numerous positive reports related to China, such as a substantial increase in sales of existing homes in major Chinese cities. However, the stock market showed mixed performances. While Shanghai stocks started positively after the holiday, Hong Kong stocks faced selling pressure, reflecting investors’ continued cautious stance.

In terms of economic indicators, Canada’s industrial product and raw material prices for January are scheduled for release in overseas markets. No major economic indicators from major economies such as the UK, US, and Europe are scheduled. There are also few scheduled events related to speeches or announcements. Today, both the NY market observes Presidents’ Day, and Canada observes Family Day, resulting in market closures.


While maintaining a bias towards selling the dollar in forex, due to the lack of significant price movements today, entry is generally being postponed.

Regarding Bitcoin, the plan is to buy on dips if opportunities arise.

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