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EUR/USD: sets four-week high. Where stands the next target?

EUR/USD: sets four-week high. Where stands the next target?

Information is not investment advice

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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.

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Fibonacci Levels

 XAG/USD: Silver stands above 61.8% retracement area. Bullish return with the hope to see price above $30 area.

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EU Market View

Asian stocks rebounded from two-week lows struck on Tuesday as rising commodity prices boosted market expectations of an improved growth outlook, a day after rising U.S. Treasury yields and inflation prospects hit U.S. tech shares. Bond yields have risen sharply this month as prospects of more U.S. fiscal stimulus boosted hopes for a faster economic recovery globally. U.S. interest rates are now in positive territory, which has created some concern around the consequences for equities markets. Oil prices jumped by more than $1 on Tuesday, underpinned by optimism over COVID-19 vaccine rollouts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut in crude production last week.

Markets will turn their focus to Federal Reserve Chair Jerome Powell who is delivering his semi-annual testimony on Tuesday. Powell is likely to reiterate a commitment to keeping policy super easy for as long as needed to drive inflation higher.

Looking ahead, highlights from macroeconomic calendar include UK labour market report, EZ CPI (final), US consumer confidence, Fed Chair Powell's semi-annual testimony to the Senate, BoC's Macklem.

EU Key Point

  • US futures keep higher ahead of European trading.
  • Germany reports 3,883 new coronavirus cases, 415 deaths in latest update today.
  • Oil prices (WTI and Brent) still rising during Asia trade.
  • CAD traders heads up for Bank of Canada Governor Macklem speaking Tuesday.
  • Federal Reserve Chair Jay Powell testimony on Tuesday.
  • China state media says the recovery in economic growth paves the way for monetary policy normalization.
  • Japan is considering lifting its state of emergency for areas outside Tokyo.
  • US COVID-19 deaths climb above half a million.

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Gold isn't saving investors from inflation

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?

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