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AUD/JPY: Risk averse gains ground after inflation fears

AUD/JPY: Risk averse gains ground after inflation fears

Information is not investment advice

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Ichimoku Kinko Hyo

GBP/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand below 23.6% retracement area. Bullish pressure is growing during the last hours.

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EU Market View

Asia-Pac bourses traded with firm losses amid spillover selling from the tech-led declines on Wall St. US Senate Republicans reportedly signalled that they could increase the infrastructure counter proposal to President Biden. Looking ahead, highlights include German ZEW, Australian budget, US JOLTS, OPEC MOMR, Fed's Williams, Brainard, Daly, Bostic, Harker, Kashkari, BoE's Bailey speeches. Asian tech stocks tumbled on Tuesday and European equity futures dropped after a selloff on Wall Street as investors braced for U.S. inflation data and China's ongoing anti-monopoly crackdown weighed on the country's tech majors.

European stock markets are seen weakening at the open Tuesday, following the previous session’s tech-led selloff on Wall Street on increased inflation worries. Suggestions that the European Central Bank (ECB) could begin winding down exceptional bond purchases early are "purely speculative", ECB policymaker Francois Villeroy de Galhau said on Tuesday. Villeroy, who is also governor of the French central bank, pushed back against recent comments by more hawkish members of the ECB who have suggested it could decide to slow bond purchases soon.

Oil was down Tuesday morning in Asia, with the extended closure of Colonial Pipeline’s key U.S. East Coast gasoline pipeline curbing appetite for the black liquid.

Inflation concerns will mean the U.S. CPI reportwill be at the forefront of investors’ attention when it’s released on Wednesday. Ahead of that, and back in Europe, the Germany’s ZEW survry of economic sentiment for May will be the main data release, and is expected to show an improvement in confidence in the Eurozone’s most important economy.

 EU Key Point

  • ECB's Villeroy: Will continue with PEPP at least until March 2022
  • China's once a decade population census shows population growth has slowed dramatically
  • ECB's Schnabel says German inflation could be above 3% this year, but the ECB is unconcerned.
  • Fed's Kaplan said (again) its good to start talking taper sooner rather than later.
  • US authorises Pfizer-Biontech COVID-19 vaccine for 12-15 age group.

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