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Top 5 News Events to Watch for Market Reactions This Week (February 12-18, 2024)

Top 5 News Events to Watch for Market Reactions This Week (February 12-18, 2024)

Financial markets are in a volatile state, and this week promises several key events that could trigger significant reactions. Here are the top 5 news items to watch:

1. FOMC Meeting Minutes Release (Wednesday, February 15)

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The Federal Open Market Committee (FOMC) meeting minutes offer insight into the Fed’s thinking on inflation, interest rates, and future monetary policy decisions. Any deviation from expected hawkish rhetoric could impact risk assets and the dollar.

2. US CPI Inflation Data (Thursday, February 16)

The Consumer Price Index (CPI) report serves as a crucial gauge of inflation in the US economy. A reading higher than the expected 6.2% could further intensify inflation concerns and trigger market volatility.

3. Earnings Season Continues

Several major companies, including Alphabet, Meta Platforms, and Tesla, are set to report quarterly earnings this week. Strong or weak earnings reports can lead to individual stock price swings and potentially affect broader market sentiment.

4. Geopolitical Tensions

Escalating tensions between Russia and Ukraine, ongoing developments in the Korean Peninsula, and political uncertainty in several key regions remain concerns for investors. Any unexpected flare-ups could cause risk aversion and market turbulence.

5. China’s National People’s Congress (Starts March 5)

While technically outside this week’s timeframe, the upcoming NPC in China holds significant implications for global markets. Policy pronouncements regarding economic targets, regulatory changes, and trade could impact investor confidence and asset prices.

Technical Analysis of DXY (US Dollar Index)

The DXY has been on an upward trend since breaking above the key resistance level of 103.00 in early February. Currently, it sits around 104.20, facing another resistance level at 104.50.

  • Moving Averages: The 50-day and 200-day moving averages are both sloping upwards, indicating a bullish trend.
  • RSI: The Relative Strength Index (RSI) is currently at 62, indicating the DXY is neither overbought nor oversold. However, a move above 70 could suggest potential overbought conditions and a pullback.
  • Support and Resistance: Key support levels lie at 103.50 and 103.00, while resistance lies at 104.50 and 105.00.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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