Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EUR/USD: consolidates above key pivot point area
Information is not investment advice
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAG/USD: Silver faces a remarkable buying pressure after a significant breakout. Further upside move is most probably ahead.
EU Market View
A positive tone was observed in the Asia-Pac region and US equity futures recovered from the early stumble seen at the reopening. Italia Viva’s Renzi is pushing for Finance Minister Gualtieri to be replaced in discussions to forge a new coalition government led by PM Conte. This positive start to the European day comes despite two PMI releases from China showing economic activity slowed in January as restrictions took a toll in some regions.
Manufacturing PMI data is scheduled for release in Europe later Monday, and this should detail a similar loss in economic momentum for this region as coronavirus lockdowns bite. German retail sales slumped 9.6% on the month in December.
Looking ahead, highlights from the macroeconomic calendar include EZ, UK, US final manufacturing PMIs, US construction spending, ISM manufacturing, Fed's Bostic, Rosgengren speeches.
EU Key Point
- US bullion broker APMEX says surging silver demand prompts transaction delays.
- Silver closes in on $29 again to start European trading.
- Germany December retail sales comes at -9.6% vs -2.0% m/m than expected.
- US President Biden will meet with 10 Republican senators Monday package to discuss the COVID-19 relief.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.