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EUR/USD : Targets 1.25 area
Information is not investment advice
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAG/USD: Silver continuous to stand below 23.6% retracement area. There is a consolidation momentum the last days.
EU Market View
Asian equity markets were mixed after failing to sustain the early momentum from the constructive mood on Wall Street. Asian tech and growth stocks rallied on Friday, following Wall Street's overnight lead, as investors tempered fears about hot inflation and the prospects of an early tapering of stimulus by the Federal Reserve.
The dollar hovered around recent lows on Friday and was set to notch a modest weekly drop as traders' concerns at taper talk in Federal Reserve minutes faded, though a pullback in commodity prices and nerves about virus outbreaks kept losses in check. The dollar has given back a bounce it made after a mention of possible future tapering discussions, in minutes from the Fed's April meeting, prompted fears of early rate rises. Investors now figure that any action remains a long way away and that the path might again be clear for a resumption of April's downtrend as the U.S. trade and account deficits weigh.
US President Biden’s administration has proposed a global tax on multinational corporations of at least 15%. European stock markets are seen opening largely higher Friday, continuing the strong gains from the previous session as optimism over the region’s outlook strengthens as it gradually gets to grips with the Covid-19 pandemic. Earlier, U.K. retail sales jumped 9.2% on the month in April, a substantial rise from the 5.1% increase the previous month, and indicative of consumers returning as shops gradually reopened.
Looking ahead, highlights include EZ, UK and US Flash PMIs, UK Retail Sales, Canadian Retail Sales, EZ Consumer confidence, Baker Hughes Rig Count, ECB’s Lagarde and de Guindos, Fed’s Kaplan, Bostic, Barking, and Daly speeches.
Oil prices edged higher Friday, recovering some lost ground after three days of selling as traders started to factor in the potential return of Iranian crude supplies. Iran and world powers have been in talks since April on reviving the 2015 deal which limited Iran’s nuclear program. These talks appear to be making progress after Iran's president said the United States was ready to lift sanctions on his country's oil, banking and shipping sectors.
EU Key Point
- UK April retail sales 9.2% vs +4.5% m/m expected.
- Moderna reportedly considering producing COVID-19 vaccine in Asiα.
- Germany reports 8,769 new coronavirus cases, 226 deaths in latest update today.
- Japan will not administer AstraZeneca vaccine - will continue to monitor clot cases.
- Some (small) USD strength showing up in Asia.
- Iran is readying a hike in its oil exports to "maximum capacity" within months.
- Japan's negative CPI result in April being blamed on plunge in mobile phone costs.
- Australia Retail sales for April, preliminary: 1.1% m/m (expected +0.5%).
- Fed's Kaplan spoke again (US Thursday) - repeated his call for talking about taper.
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