XAUUSD Gold price is moving in the Descending channel and the market has reached the lower high area of the channel.
Russian Foreign Minister Sergey Lavrov says Moscow does not need any help from its ex-Soviet allies for its military campaign in Ukraine. Lavrov said Russia had everything it needed for the conflict and had not asked members of the Collective Security Treaty Organization (CSTO) to support Russia’s war efforts. The CSTO is a Moscow-led alliance that includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan. The president added that rescue services are working at the site and continue to relocate people.
USDJPY is moving in the Descending channel and the market has rebounded from the lower low area of the channel.
NATO’s chief on Wednesday applauded Japan’s plan to double its defense spending, saying that the pledge reflected the country’s resolve for greater security involvement in a volatile world. For decades, Japan has capped military spending at around 1% of GDP, but late last year Prime Minister Fumio Kishida’s government approved a new security strategy. Rising threats from China and North Korea and Russia’s war on Ukraine have fueled public support for greater military spending in Japan.
USDCAD is moving in the Descending channel and the market has reached the lower low area of the channel.
Canada has conducted a new Express Entry draw aimed at Provincial Nominee program candidates, issuing 893 Invitations to Apply. The February 1 draw featured a minimum Comprehensive Ranking System score of 733 points. Minimum scores are generally higher for PNP draws, as candidates score an extra 600 points for their nomination from one of Canada’s provinces. Canada has now issued 11,893 ITAs in 2023 after inviting 45,115 candidates in the whole of 2022. The latest draw was the first to be aimed at PNP candidates this year.
USDCHF is moving in the Descending channel and the market has rebounded from the lower low area of the channel.
Switzerland wants to strengthen cooperation with the EU and NATO in the field of security, the Swiss Foreign Ministry said on Wednesday. Due to its geographical and cultural location, as well as its political and economic role, EU member states are Switzerland’s main partners, according to the report. “The Federal Council intends to expand its cooperation with the EU and NATO in the field of security.” This news comes after Switzerland realized that it needs to build ties with neighboring states in order to survive the war.
EURUSD is moving in an Ascending channel and the market has reached the higher high area of the channel.
Members of the European Union Parliament (MEPs) have today adopted a report that seeks to modernize the visa application procedures in the Schengen area by moving from physical applications and visa stickers to a digital system. According to the Parliament of the EU, the report on the digitalization of visa procedures in the Schengen area was adopted with 34 votes in favor, five against, and 20 abstentions. In addition, the same stressed that the digitalization of the visa application process would also ensure consistent practices throughout the EU.
EURNZD is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
European Commissioner for Innovation, Research, Culture, Education and Youth said: “321 scientists and scholars will receive some €657 million to conduct pioneering research. Their discoveries lay the groundwork for innovation and, ultimately, for growth and economic competitiveness in Europe.” The grants will be invested in scientific projects spanning all disciplines of research from engineering to life sciences to humanities. The laureates of this grant competition proposed to carry out their projects at research centers in 18 EU States.
GBPUSD is moving in the Descending triangle pattern and the market has fallen from the lower high area of the pattern.
Tech Nation, the UK startup organization that helped bring thousands of talented tech workers to the UK, has announced that it will cease operations in March after the UK government pulled key funding. Tech Nation has worked with nearly a third of the country’s 122 unicorns since 2011 and ran the UK’s global tech talent visa. Without the government grant funding, Tech Nation, a non-profit, cannot fund its accelerators, reports or visa programs.
CHFJPY is moving in the Descending channel and the market has reached the lower high area of the channel.
The volume of trade between Switzerland and Russia has increased since the start of the Ukraine war, despite Swiss sanctions, according to official figures. Exports are dominated by pharmaceutical products, the newspaper reports, with some trade likely catching up from logjams created by the pandemic. In August, Switzerland, which is a major global hub for processing gold, adopted European Union sanctions prohibiting the trade of Russian gold and gold products. But this appears to be having little impact on Russian gold imports.
AUDCAD is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
King Charles III will not feature on Australia’s new five-dollar note, the country’s central bank has announced. The Queen’s death last year reignited debates about Australia’s future as a constitutional monarchy. The A$5 banknote is the only Australian banknote to carry the image of a British monarch. The late Queen appears on the country’s coins as well, although Australia is transitioning to using an effigy of King Charles III. The decision was welcomed by Aboriginal politicians and community leaders.
Crude Oil Analysis
Crude Oil price is moving in the Descending channel and the market has fallen from the lower high area of the channel.
NATO Secretary-General is set to meet Japanese Prime Minister Kishida on an Asian tour that has sparked suspicion in China. The trip comes after the leaders of Japan, South Korea, Australia and New Zealand for the first time attended the summit of the 30-member North Atlantic Treaty Organization last year. The NATO boss has visited an airbase and will give joint remarks with Kishida on Tuesday, as well as making a speech in the city the following day.
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