Daily Market Outlook, February 9, 2023

Daily Market Outlook, February 9, 2023European Markets On the Front Foot, As German Inflation Increases At A Slower RateAsian markets trade with a bid tone, China indices pushed higher on PBOC liquidity interventions, an overnight reversal in US futures adds fuel to the risk on sentiment as delayed German inflation data came in at a lower rate than expected, markets immediately repriced ECB rate hikes as investors price a lower net Eurozone CPI estimate for January at circa 8.5%. Robust earnings from European stalwarts such as Siemens and Unilever along with takeover chatter as Abu Dhabi Bank are reported to be eyeing a bid for Standard Chartered Bank, all in all this has investors in buoyant spirits at the open of European trade.The data docket is once again scant for the day ahead. In the UK testimony at the House of Commons Treasury Select Committee of Bank of England (BoE) Governor Bailey and other MPC members, Chief Economist Pill and MPC  members Tenreyro and Haskel will garner investor attention. Last week the BoE voted to raise interest rates for the 10th consecutive time by 50bp to 4%, however, the market read was of a more dovish tilt to proceedings, given Governor Bailey’s less than committal stance on further policy tightening, today’s hearing will give for committee members a platform to provide colour on this and to address any market misperceptions they might feel to be in the reaction to their latest rate adjustment and outlook.In the US unemployment claims data are forecast to reaffirm a strong labour market. Markets expect initial claims to nudge higher towards 195k, admittedly still at very low levels despite nascent signs of significant job losses as witnessed by job cuts seen across the tech sector.FX Options Expiration New York CutEURUSD 1.0950 (456mln)USDJPY 128.00(490mln)AUDUSD .6400 (750mln)Overnight News of NoteDollar Flat After Fed Official Comments; Focus On CPI Data Next WeekTraders Are Starting To Put Big Money On The Fed Going To 6%Fed’s Williams Says Peak Rate Forecasts Still ‘Very Reasonable’Fed’s Cook Says More Rate Hikes Needed To Curb InflationJapan Ruling Party Said to Be Divided If Kishida Seeks BOJ PivotFed Officials Signal Higher Rates Will Be Needed To Contain InflationBiden Says He Sees No Recession In 2023 Or 2024 -PBSU.S.-Bound Container Shipments From Asia Plunge As Inflation BitesECB Rates Must Hit Significantly Restrictive Levels, Kazaks SaysECB’s Knot Says Half-Point Rate Hike May Be Needed In MayBank Of Canada Debated Whether To Hike Or Hold In JanuaryBosses Call On UK Chancellor For More Tax Breaks To Avoid RecessionUK Housing Market Hit By Widest Prices Falls Since 2009 In JanuaryCoinbase's CEO Cites 'Rumors' The SEC May Ban Crypto StakingOil Takes Breather After Three-Day Rally As Outlook CloudedFirst Australian Coal Shipment To China In Two Years To DockForeign Investors Start 23 With Record $21bn Push Into China StocksWalt Disney Stems Streaming Losses In Iger’s First Quarter BackWalt Disney To Axe 7,000 Jobs In $5.5bn Cost-Cutting Plan(Sourced from Bloomberg, Reuters and other reliable financial news outlets)Technical & Trade ViewsSP500 Bias: Intraday Bullish Above Bearish Below 4120Primary support is 3990Primary objective is 4384Below 4080 opens 402020 Day VWAP bullish, 5 Day VWAP bearishEURUSD Bias: Intraday Bullish Above Bearish below 1.0810Primary resistance is 1.0950Primary objective is 1.06Below 1.0580 opens 1.050020 Day VWAP bearish, 5 Day VWAP bearishGBPUSD Bias: Intraday Bullish Above Bearish below 1.21Primary resistance  is 1.21Primary objective 1.1840Above 1.2165 opens 1.226020 Day VWAP bearish, 5 Day VWAP bearishUSDJPY Bias: Intraday Bullish above Bearish Below 131Primary support  is 130Primary objective is 134.70Below 130.80 opens 130.1120 Day VWAP bullish, 5 Day VWAP bullishAUDUSD Bias: Intraday Bullish Above Bearish below .7050Primary resistance is .7050Primary objective is .6750Above .7150 opens .725020 Day VWAP bearish, 5 DayVWAP bullishBTCUSD Intraday Bias: Bullish Above Bearish below 22200Primary support 21200Primary objective is 25000Below 20300 opens 1950020 Day VWAP bullish, 5 Day VWAP bullish