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EUR/USD : flirts with 1.1800 as US dollar rebounds amid risk-aversion

EUR/USD : flirts with 1.1800 as US dollar rebounds amid risk-aversion

Information is not investment advice

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Ichimoku Kinko Hyo

GBP/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand below 38.2% retracement area. Bearish pressure is growing.

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EU Market View

Asian equity markets traded mixed as the regional bourses failed to fully sustain the momentum from their counterparts on Wall Street. Looking ahead, highlights include EZ unemployment, ECB asset purchases, US JOLTS.

The S&P 500 and Dow hit records Monday as tech and reopening stocks surged on a wave of economic optimism after data showed the underlying strength in the recovery continues to gather pace.

The dollar stabilized near an almost two-week low versus a basket of its peers on Tuesday, moving in tandem with a retreat in Treasury yields from recent peaks despite signs of a robust U.S. economic recovery. The yen continued to recover from a more than one-year low near 111 per dollar, briefly strengthening back below 110 on Tuesday. The greenback has risen strongly this year, along with Treasury yields, as investors bet on a faster U.S. pandemic rebound than other developed nations amid massive stimulus and aggressive vaccinations. But the dollar’s drop this week even after Friday's much-stronger-than-expected monthly payrolls data was followed on Monday by the highest reading for services industry activity on record may indicate that much of the bullish outlook is priced in for now

EU Key Point

  • RBA leaves cash rate unchanged at 0.10% in April monetary policy decision.
  • New Zealand says to open travel corridor with Australia starting on 19 April.
  • Germany reports 6,885 new coronavirus cases, 90 deaths in latest update today.
  • China is said to have asked banks to reduce credit until year-end.
  • China Caixin/Markit PMIs for March: Services 54.3 and Composite 53.1.
  • OPEC+ looks for demand to improve over northern summer months.

 

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