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EUR/USD : Big picture remains bullish
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAG/USD: Silver continuous to stand below 23.6% retracement area. It seems that bulls are preparing to return at these levels.
EU Market View
Asian equity markets traded mixed following on from the flat performance on Wall St where most major indices consolidated. European stock markets are seen edging higher at the open Wednesday, as the global economy's outlook brightens, and the region shows signs of getting on top of its latest wave of the Covid-19 virus. The IMF raised its 2021 global growth forecast late Tuesday to 6%, up from 5.5% less than three months ago, citing unprecedented public spending, primarily by the United States.
However, the outlook for Europe is less impressive. Germany, the largest country in the European Union, is only seen growing 3.6% this year, according to the IMF, with its economy having faced different waves of infections and subsequent lockdowns. Additionally, there are concerns about the latest initiative by Euroskeptic Germans to stop Germany putting its financial firepower behind the EU's 750-billion-euro recovery plan.
Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world's biggest fuel consumer, fell. The dollar softened to a two-week low against a basket of currencies on Wednesday after U.S. bond yields declined as traders rolled back aggressive expectations that the Federal Reserve will tighten its policy earlier than pledged.
Looking ahead, highlights include EZ, UK & US final services & composite PMIs, ECB asset purchases & bi-monthly PEPP summary, DoEs, FOMC minutes, Fed's Evans, Kaplan, Barkin, Daly speeches.
EU Key Point
- EUR/USD bounce this week runs into key technical test.
- Dax has entered a strong period of the year.
- Germany to miss out on up to 878,400 vaccine doses from Moderna this month.
- Germany reports 9,677 new coronavirus cases, 298 deaths in latest update today.
- Japan PM Suga says a snap election before the end of September is "a possibility".
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