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EUR/USD could attempt a move to 1.2000
Information is not investment advice
Ichimoku Kinko Hyo
GBP/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 continuous to stand below 38.2% retracement area. Bearish pressure gains momentum.
EU Market View
Asian equity markets traded indecisively as the region took its cue from a similarly uninspiring lead from the US. Looking ahead, highlights from macroeconomic calendar include ECB minutes, US building permits, housing starts, Philadelphia Fed, Eurozone consumer confidence, BoE's Saunders, Fed's Brainard, Bostic, ECB's Schnabel speeches.
The dollar was up on Thursday morning in Asia following its first back-to-back gains in two weeks overnight. Positive U.S. data that continued to raise hopes that the country will see a faster economic recovery from COVID-19 than its global peers. Progress is also being made on the U.S.’ proposed $1.9 trillion stimuluss package, with President Joe Biden meeting labor leaders on Wednesday to canvass support. The Federal Reserve also released the minutes from its January policy meeting on Wednesday, reinforcing its to let the economy overheat while maintaining accommodative monetary policy.
Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt U.S. crude output for days or even weeks prompted fresh buying. EUR/USD edges higher amid a retreat in the US Tr yields. Further upside appears difficult for now as markets are worried about the negative impact of coronavirus lockdown restrictions in Europe.
EU Key Point
- The reflation trade stays on hold ahead of European trading today.
- Oil price jumps, Brent to its highest in over a year.
- AUD/USD testing its overnight high after the jobs report.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
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