Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EUR/GBP: looks to extend upside push towards 0.8700.
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
Fibonacci Levels
XAG/USD: Silver continuous to stand below the retracement area of 23.6% %. Bearish pressure is growing despite US dollar weakness.
EU Market View
Asia-Pac markets end the week with a cautious tone as regional bourses failed to sustain the early momentum from the tech-led gains in the US. European stock markets are seen trading in a mixed fashion at the open Friday, helped by further signs of a global economic recovery but concerns about the region’s Covid vaccination program remain. Earlier Friday, China reported that its March factory prices rose at their fastest annual pace since July 2018, climbing 4.4% year-on-year, far above February’s 1.7% growth.
Although China set a modest GDP growth target of above 6% for 2021 earlier in the year, many expect the Asian economic super power’s growth to exceed 8%. In Europe the economic news was less impressive, as Germany’s industrial production slumped 1.6% on the month in February, according to data released Friday, below the expected growth of 1.5%. German exports rose in February, boosted by surging trade with China in a fresh sign that factories are busy in Europe's largest economy despite an expected pandemic-related drop in overall output in the first quarter.
Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the COVID-19 pandemic. Looking ahead, highlights include US PPI, Canadian labour market report, ECB's de Guindos, Fed's Kaplan speech.
EU Key Point
- Treasury yields creep higher to start European morning trade.
- Berlin mayor says that Monday talk with Merkel likely to be short as situation remains unclear.
- Germany February trade balance €18.1 billion vs €20.3 billion expected.
- Germany February industrial production -1.6% vs +1.5% m/m expected.
- EUR/USD eases back below 1.1900 as dollar firms ahead of European trading.
- Germany reports 25,464 new coronavirus cases, 296 deaths in latest update today.
- Fed's Daly says is bullish on economic rebound.
- Japan's economy minister wants harsher COVID-19 restrictions in Tokyo, Osaka, Okinawa.
- Fed's Daly says is bullish on economic rebound.
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Brutal session in the equity markets yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
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