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Euro profits during ECB press conference. Targets set higher
Information is not investment advice
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.
XAU/USD: Gold is trading slightly lower from the key retracement area of 23.6%. It seems that expectations for higher inflation have motivate buyers.
US Market View
The number of people making initial claims for jobless benefits dropped last week to its lowest level since the pandemic erupted a year ago, signaling that the reopening of the U.S. economy is picking up speed. The European Union's drugs regulator on Thursday recommended conditionally approving Johnson & Johnson single dose COVID-19 vaccine, as the bloc seeks to speed up a stuttering inoculation campaign and boost its supplies of vaccines.
U.S. stock markets are set to open higher later, supported by the final passage of the $1.9 trillion stimulus through the House of Representatives on Wednesday, and the prospect of more stimulus.
The European Central Bank holds its regular policy meeting. Lagarde said risks have become more balanced/ Adds that downside risks are higher in near-term. ECB sees 2021 GDP growth at 4.0% vs 3.9% seen in December.
Crude oil prices were up in line with other risk assets, pulled higher by the renewed optimism in the U.S. OPEC is due to publish its monthly report on the global oil market later, which will add more context to the swings in U.S. inventories recorded over the last two weeks.
USA Key Point
- Lagarde says ECB will will purchase 'flexibly' via PEPP and in response to market conditions.
- Lagarde opening statement: Market rates pose risk to wider financing conditions.
- US initial jobless claims comes at 712K versus 725K than estimate.
- The AUD is the strongest and the JPY is the weakest.
- ECB is said to agree that risks to outlook have become more balanced.
- ECB leaves key rates unchanged in March monetary policy meeting, as expected.
- EU warns of more vaccine delays to follow.
- US futures extend gains ahead of North American trading
- Denmark suspends use of AstraZeneca vaccine due to serious cases of blood clots.
- AUD/JPY extends to two-week highs, eyes another test of key resistance levels.
- AUD/USD climbs to fresh one-week high on softer dollar, firmer risk mood.
- Lagarde speech supports that we ‘’will continue to monitor exchange rates’’.
- Lagarde speech: Overal economic situation is expected to improve in 2021.
- ECB 2021 inflation forecast +1.5% vs +1.0% in December.
- EURUSD finds topside resistance against a cluster of technical levels.
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