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EUR/USD : forecast lowered on worries the delta variant of COVID-19 could spread through Europe

EUR/USD : forecast lowered on worries the delta variant of COVID-19 could spread through Europe

Information is not investment advice

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Ichimoku Kinko Hyo

AUD/JPY: The pair is trading below the cloud. A down 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 above 50% retracement area. Bullish pressure is growing during the last hours and before NFP.

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EU Market View

Asian shares dropped on Tuesday on concerns new coronavirus outbreaks in the region could undercut an economic recovery, even as robust momentum in the United States prompts the Federal Reserve to contemplate a quicker exit from accommodative policy. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.15% lower, hovering near recent highs, though momentum has stalled as some countries re-impose lockdowns to contain the spread of the Delta virus variant.

Chinese stocks were also down 0.95% as investors booked profits after a rally on the back of the country's strong rebound from the impact of the COVID-19 pandemic, with financial and consumer firms leading the retreat. Fears over the spread of the highly infections Delta virus variant are denting sentiment at a time markets are on edge after the Fed shocked traders with a hawkish tilt earlier this month.

The dollar edged marginally higher in early European trade Tuesday, helped by concerns over the rise of Covid cases in Asia, but gains are minimal ahead of this week’s key payrolls release. The safe-haven dollar received a boost Tuesday as a number of regions in Asia struggled with the spread of the highly infectious delta variant of the Covid-19 virus. However, the greenback remains in a tight range ahead of a closely watched U.S. jobs report, with the Federal Reserve placing great emphasis upon the recovery of the labor market before reining in its ultra easy monetary policy.

 

EU Key Point

  • European equities little changed to kick start the day.
  • France June consumer confidence 102 vs 97 expected.
  • UK June Nationwide house prices +0.7% vs +0.7% m/m expected.
  • Australia's longest running business survey shows conditions still improving.

 

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