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Even the White House says it’s going to be bad…

The market is clearly still trading nervously


Trading is not meant to be exciting

In this technological age, many of us have the need to feel constantly entertained or excited whenever we carry out an activity.


The US Non-farm Payrolls and Average Hourly Earnings today will be closely watched as a strong labour market and wage pressures are the main reasons why the Fed is worried about inflation and wants to hike interest rates. Weaker than expected data could temper that hawkishness.


1. Currencies:
Keep short USD against CNH. USDCNH is stuck in a tight trading range for now. Stay short.


Market Movement As of New York Close 3 Feb 2022
  • The Bank of England increased its main Bank rate by 25 basis points to 0.5%. The central bank also raised its inflation forecast from a 6% peak to 7.25% that is projected to occur in April .
  • The U.S. Dollar Index fell -0.58% to 95.38 amid relative strength in the EUR, which was due to Lagarde’s comments that the central bank is becoming increasingly concerned over inflation. She refused to say, as she did in the press conference after the previous meeting, that a rate hike is unlikely this year also contributed to the EUR strength. The EURUSD rose more than 1% due to this surprise in hawkishness.
  • US 2-yr Treasury Bond yield increased 3 basis points to 1.19%, and the 10-yr yield increased 4 basis points to 1.82%.
  • The S&P 500 declined -2.4%, the Dow Jones Industrial Average (-1.45%), Nasdaq (-4.22%) followed suit and Russell 2000 (-1.97%) followed suit. The decline occurred as risk sentiment remained heavy due to Meta platform’s underperformance (down more than -25% on the day)..
  • In the afterhours, the Nasdaq 100 futures rallied +1.9% as tech earnings streamed in. Amazon (EPS $5.80 or $27.75 with Rivian gains added vs $3.57 expected) rose 14% from the lows after dropping more than 7% before the market closed. SNAP which dropped nearly 24% at market close rose 59% from the lows because of a strong beat in earnings. (EPS $0.22 vs $0.10 expected). Pinterest (EPS $0.49 vs $0.45 expected) earnings also exceeded market expectations and bounced 21% in after-hours trading, after falling 10% during market hours.
  • Oil prices surged past the $90 level on the back of cold temperatures, as supply continues to lag demand.
  • The crypto markets behaved pretty similarly to the equity futures markets with a decline earlier in the day due to dampened risk sentiment from Meta’s underperformance but ended the day flat as aftermarket earnings streamed in. Bitcoin was down as much as 2% within the day but ended the day higher, increasing 1.1% from the previous day. Ether had a low of -3.9% but managed to end the day in the green.


‘Too early to say’ if world faces sustained inflation: IMF chief

Notable Snippet: The head of the International Monetary Fund (IMF) said on Thursday (Feb 3) that it was “too early” to say if the world was facing a period of sustained inflation, but warned that failure to make economies more resilient to future shocks could lead to big problems.

January jobs report could show omicron caused first steep decline in payrolls in more than a year

Notable Snippet: The sudden slam to the economy from the omicron Covid variant could show up in January’s employment report as the first big loss of jobs since late 2020.

IOC launches Beijing Olympics-themed mobile game with NFTs

Notable Snippet: The association that organizes the Olympic Games said Thursday it has launched a mobile game based on the upcoming Beijing 2022 winter event. The game will incorporate NFTs, collectible crypto tokens designed to represent ownership of virtual properties.






Our market summary condenses the most important market events into a short read.

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