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EUR/JPY : Risk keeps on the defensive ahead of European trading

EUR/JPY : Risk keeps on the defensive ahead of European trading

Information is not investment advice

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Ichimoku Kinko Hyo

EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand below 38.2% retracement area. Bullish pressure is growing during the last days.

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EU Market View

Asian equity markets mostly slumped as the negative mood rolled over from the US where major indices extended on declines. The Dow slipped Tuesday, as rising global coronavirus cases triggered fresh jitters over global growth, prompting investors to hit pause on cyclical stocks. European stock markets are seen opening mixed Wednesday after suffering their worst daily loss so far this year on Tuesday, amid hopes that a positive corporate earnings season will calm concerns about the march of Covid-19 in India. 

 Looking ahead, highlights include UK and Canadian inflation, BoC rate decision, DoEs, BoE's Ramsden, Bailey speeches.

Oil prices fell for a second day on Wednesday on concerns that soaring COVID-19 cases in India will drive down fuel demand in the world's third biggest oil importer. India, also the world's third-largest oil user, on Tuesday reported its worst daily death toll from COVID-19 and is facing an oxygen supply crisis to treat patients. Large parts of the country are now under lockdown due to a huge second wave of the pandemic.

EU Key Point

  • Major currencies little changed so far to start the session.
  • Germany reports 24,884 new coronavirus cases, 331 deaths in latest update today.
  • Australia Retail Sales for March, preliminary: +1.4% m/m (expected +1.0%).
  • South Korea exports surging again in April.

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