This Week’s Key Market Events: This week brings critical economic reports and events,
including China’s Prime Lending Rate, US Initial Jobless Claims,
and the Bank of Japan’s interest rate decision.
Market movements in NASDAQ, USDJPY, Bitcoin, and NVIDIA stock present key trading opportunities.
Here’s what to watch and how to prepare.
Economic Calendar
Tuesday, January 21, 2025
UK: Unemployment Change (December) – 10:00
UK: Unemployment Rate (November) – 10:00
Wednesday, January 22, 2025
New Zealand: Consumer Price Index (YoY) (Q4) – 00:45
New Zealand: Consumer Price Index (QoQ) (Q4) – 00:45
Thursday, January 23, 2025
Japan: Trade Balance (December) – 02:50
US: Initial Jobless Claims – 16:30
Canada: Retail Sales (MoM) (November) – 16:30
Friday, January 24, 2025
Japan: BoJ Interest Rate Decision – 06:00
US: Existing Home Sales (December) – 18:00
US: Existing Home Sales (MoM) (December) – 18:00
NASDAQ
The NASDAQ index recorded substantial gains by the end of last week’s
trading sessions as markets anticipate Donald Trump’s inauguration this week.
This event is expected to provide strong support to US stock markets.
The NASDAQ index reached 21,441,
with expectations of further increases targeting levels of 21,832 and the historical peak near 22,149.
USDJPY
The USDJPY pair is trading around 156.25 after the yen gained some ground against
the US dollar during last week’s trading before the dollar rebounded at the week’s end.
However, the yen is expected to strengthen against a basket of currencies
amid expectations that the Bank of Japan will raise interest rates this week.
In that case, we could see bearish movements for the pair,
targeting levels as low as 135.40 after retesting the 156.57 level.
Conversely, the bullish trend could resume if the pair breaks above 156.67 and closes above it.
US Dollar Index
The US Dollar Index experienced some downward correction last week due to a decline in the US Consumer Price Index.
However, it quickly rebounded, supported by the ascending trendline
and expectations of fewer interest rate cuts this year.
This suggests a return to an upward trajectory, targeting the peak around the 110 level.
Bitcoin
Bitcoin resumed its upward movement last week, stabilizing around 105,000
as Donald Trump’s upcoming inauguration—a known supporter of digital currencies—boosted market sentiment.
From a technical perspective, if Bitcoin closes above 105,220,
the bullish trend may continue toward the historical high of 108,173.
However, if a reversal pattern emerges near current levels,
Bitcoin might correct to retest the psychological support at 100,000 before resuming its rise.
Nvidia Stock
NVIDIA stock is trading around 137.71 after bouncing from demand levels
on the daily timeframe amidst optimistic sentiment in US stock markets.
The stock is expected to continue its rally,
targeting 143.65 and then 152.58 in the medium term,
from which a downward correction may begin.
This Week’s Key Market Events