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ECB remains pessimistic about European economy
Information is not investment advice
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
XAG/USD: silver moves above 23.6% retracement level at $23.10. Silver bulls still struggling to move the market higher.
US Market View
It is an earnings season, with Apple, Amazon, Facebook, and Alphabet all reporting after the close. The earnings again come only a day after some of their CEOs were in Congress, the timing thus sparing them the embarrassment of having to defend their monopoly profits at a time of widespread hardship across the economy. The U.S. economy grew at its fastest rate since records began in the third quarter, reversing much but by no means all - of the output lost in the second quarter under the impact of the coronavirus pandemic. The figures, while spectacular, are essentially backward-looking and exaggerated by the habit of annualizing GDP data. They reflect the reopening of many businesses in the summer after government-mandated stay-at-home orders had crippled both manufacturing and services output in the spring.
US Key Point
- Oil falls to a fresh four-month low amid renewed supply concerns
- ECB's Jochnick supports that the possibility of a double-dip recession cannot be ruled out yet
- Germany October unemployment change -35.0k vs -5.0k expected
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