USD/CAD : falls after jobs report but runs into wall of USD buying
Ichimoku Kinko Hyo CAD/JPY: The pair is trading above the cloud…
All eyes focusing on ECB and euro
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. Further bullish pressure will lead the currency pair to retest the previous highs.
Fibonacci Levels
XAG/USD: Silver moves above 38.2 % retracement level. It seems that gold bulls the last day lose control.
European Market View
Asian equity markets were cautious amid headwinds from the soured mood on Wall St with the downturn led by hefty losses in the Nasdaq. The Dow cut its gains to turn negative Wednesday, as a fall in technology stocks and a lack of progress over negotiations on Capitol Hill over a stimulus relief package weighed on investor sentiment. The lack of progress on stimulus has been overshadowed by positive vaccine news. But as the rollout of a vaccine nears, Stifel said deliveries this month could fall short of target. The United States set a single-day record on Wednesday of more than 3,000 deaths linked to the novel coronavirus, according to a Washington Post analysis. Texas, Colorado, Illinois and Pennsylvania led the way, with each state reporting more than 200 deaths
ECB knows that only monetary policy won't be the answer to boosting inflation back to target levels and fiscal action is needed as well. Euro has been one of the best performing major currencies, having appreciated 8% against the Dollar so far while rebounding 14% from the March lows.
Looking ahead, highlights rom macroeconomic calendar include UK GDP and output data, Swedish inflation, ECB rate decision & press conference, US CPI, IJC, EU Council Meeting, BoC's Beaudry, FDA EUA meeting
EU Key Point
- UK's Raab: Never say never, Brexit talks could continue after Sunday
- UK October monthly GDP +0.4% vs 0.0% m/m expected
- EU leaders reportedly won't debate on Brexit at the summit today
- Germany reports record 23,679 new coronavirus cases in latest update today
Gerasimos Papagiannis
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