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CAD/JPY breaks to highest level since October 2018
Information is not investment advice
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.
XAU/USD: Gold facing a further consolidation on 23.6% retracement area. Bears have returned recently.
US Market View
Global shares extended gains on Thursday after the Federal Reserve said it was too early to consider rolling back emergency support for the economy, and U.S. President Joe Biden proposed a $1.8 trillion stimulus package. Fed Chair Jerome Powell said on Wednesday that "it is not time yet" to begin discussing any change in policy after the U.S. central bank left interest rates and its bond-buying program unchanged, despite taking a more optimistic view of the country's economic recovery. Biden proposed the sweeping new $1.8 trillion plan in a speech to a joint session of Congress on Wednesday, pleading with Republican lawmakers to work with him on divisive issues and to meet the stiff competition posed by China. He also made an impassioned plea to raise taxes on corporations and rich Americans to help pay for what he called the "American Families Plan" in his maiden speech to Congress.
The Fed's doggedly dovish outlook and the White House's spending plans hampered the dollar, which traded just off nine-week lows. Oil prices extended gains on Thursday as bullish forecasts for a demand recovery this summer offset concerns of rising COVID-19 cases in India, Japan, and Brazil.
Apple delivered a blowout first quarter late Wednesday, sending its stock up 2.7% premarket, with sales jumping 54% fueled by 5G iPhone upgrades and the company adding that it would increase its existing share buyback program by $90 billion. Facebook also beat Wall Street expectations for both quarterly revenue and profit on Wednesday, prompting gains of over 7% premarket, helped by a surge in digital ad spending during the pandemic when consumers shopped online, along with higher ad prices.
USA Key Point
- USD/JPY contests 109.00 level again as the dollar keeps steadier on the session.
- Treasury yields move back up close to pre-FOMC highs.
- ECB's de Guindos: Inflation could be higher than 2% at the end of the year.
- USD/CAD looks poised to extend downside momentum, sellers to eye 2018 lows.
- Gold still not in a hurry to go anywhere as investor appetite remains weak.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus