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EUR/GBP: critical moment for potential bullish reversal
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAU/USD: Gold facing a further weakness the last hours and trading near a full retracement area. Gold continues to flirt with session lows.
US Market View
U.S. stocks are set to open lower later but are still on course for a positive week after Biden’s address. The reversal in Treasury yields undermined the rally in global stocks, pushing both U.S. futures into the red in early trade on Friday. Chinese and Japanese markets escaped the worst of the selling. EU, apart from Spain and Portugal, is now experiencing a clear pickup in Covid-19 cases, casting doubt over the further reopening of the economy.
In a televised address, Biden urged states to make all U.S. adults eligible for vaccine shots by May 1, an aim that dovetails with earlier comments about wanting all adults vaccinated by the end of that month. U.S. President Biden signed the $1.9 trillion stimulus package into law, a day earlier than expected, and signaled an acceleration in the national vaccination campaign, targeting a return to normal life in time for the July 4 holiday. The yield on the US Tr. note hit a high of 1.61% Friday, as President Joe Biden's pressure on states to accelerate vaccination campaigns and his signing of the $1.9 stimulus package emboldened bets on strong U.S. growth this year.
USA Key Point
- Treasury yields at the highs for the day ahead of North American trading.
- Nasdaq futures slump 2% as the wild ride continues.
- Euurozone January industrial production comes at +0.8% vs +0.5% m/m than expected.
- ECB's Muller supports that faster pace of PEPP buying is temporary.
- EUR/USD slumps to fresh lows on the day as dollar continues to push higher.
- Italy reportedly set to return to lockdown until after Easter.
- Gold gets a reality check as the bounce this week begin to fizzle.
- Dollar gains across the board as Treasury yields surge higher on the session.
- XAU/USD struggles near three-day lows.
- GBP/USD to edge lower on another surge in yields.
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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