The Wall Street index is still closed due to the New Year’s holiday. Yet, European exchanges started the first day of trading in 2023 quite enthusiastically, up about 1 percent, supported by manufacturing data from Eurozone countries that were in line or better than expected (other than German Manufacturing PMI 47.1, which is lower than the consensus 47.4 but still higher than the previous position of 46.2), raising hopes that the worst economic conditions have passed. Meanwhile, Brazil posted a USD62.3 billion trade surplus during 2022 (USD 4.8 billion during December 2022, above the estimation from Reuters of USD3 billion), a record figure since 1989.
The inflation throughout 2022 was recorded at 5.51% YoY (0.66% MoM), up significantly from 1.87% at the end of the previous year, driven by food commodities, fuel, and transportation fares, which rationally increased during the Christmas and New Year’s holiday seasons. JCI started the first trading day in 2023 by, again, testing the MA10 & MA20 Support area in the range of 6840-6815 (Low: 6823) but ended it with a Doji candle. It brings today’s hope that the candle will be confirmed by a green-colored candle, ending the consolidation of the past week and continuing the short-term upswing (bullish) towards the 6950-6960 target up to the psychological level of 7000.
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