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EUR/USD : to resume its downfall after another dead-cat bounce

EUR/USD : to resume its downfall after another dead-cat bounce

Information is not investment advice

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Ichimoku Kinko Hyo

USD/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 continuous to stand below 38.2% retracement area. There is a balance between bulls and bears the last hours.

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EU Market View

Asian equity markets traded negatively following the tech sell-off in the US where the Nasdaq dropped 3% amid a jump in yields. European stock markets are seen opening largely lower Friday, following a sharp selloff in the tech sector on Wall Street while investors also fret about the increase in Covid-19 cases throughout the region. The tech index nasdaq closed 3% lower on Wall Street Thursday after a spike in U.S. bond yields on the back of the Federal Reserve’s dovish message prompted worries about owning these extremely highly-valued stocks that are likely to take a long time to generate meaningful amounts of cash. 

The yield on benchmark 10yr Notes stood at 1.7% Friday, after spiking late Thursday to 1.75%, the highest since early 2020, a day after the Federal Reserve raised its growth and inflation forecasts but stated it would maintain its very accommodative monetary policies through 2023.

Looking ahead, highlights from macroeconomic calendar include Canadian retail sales, US-China meeting in Alaska, ECB's Panetta, WHO COVID-19 AstraZeneca update.

EU Key Point

  • BOJ's Kuroda: Does not think current FX moves deviate from fundamentals.
  • Germany reports 17,482 new coronavirus cases, 226 deaths in latest update today.
  • USD/JPY sees not much to work with following BOJ policy decision.
  • Us officials says discussions with China were substantive, serious and direct.
  • Oil has steadied in Asia somewhat after its huge fall Thursday US time.
  • Canada says the benefits of the AstraZeneca vaccine outweigh the risks.
  • BOJ’s Kuroda: Too early to debate exit from stimulus policy.
  • GBP/USD holds 1.3900 despite fears of UK’s vaccine shortage.

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