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EURUSD : further upside remains very likely

EURUSD : further upside remains very likely

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 close to a full-time retracement area. Bullish pressure is growing during the last hours.

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EU Market View

Asian equities traded somewhat mixed and only partially benefitted from last Friday’s rebound on Wall Street. Looking ahead, highlights include US NY Fed Manufacturing, BoE's Haldane, Vlieghe, Tenreyro, Fed's Bostic, Clarida, Kaplan speeches.  European stock markets are seen edging lower at the open Monday, as investors weigh concerns over a rise in global inflation as well as disappointing Chinese economic data. Earlier Monday, data showed that Chinese industrial production grew 9.8% year-on-year in April, a healthy increase but lower than March’s 14.1%, and retail sales increased 17.7% in April year-on-year, below March’s 34.2% growth. The data showed that China’s economy, the second largest in the world, is continuing to grow but the recovery from the Covid-19 pandemic is uneven and still has a long way to go.

The dollar edged higher in early European trade Monday, with this safe haven supported by concerns over fresh Covid-19 outbreaks in some Asian countries. However, gains are small ahead of the minutes of the latest Federal Reserve meeting. A year ago, as the pandemic ravaged country after country and economies shuddered, consumers were the ones panic-buying. Today, on the rebound, it’s companies furiously stocking up. 

European stock markets struggled last week after U.S. consumer prices jumped at the fastest rate since 2008, increasing worries that the Federal Reserve could be forced to start tapering its easy monetary policy earlier than guided. Policy makers, however, have laid out a number of reasons why they don’t expect inflationary pressures to get out of hand. Fed Governor Lael Brainard said recently that officials should be “patient though the transitory surge.” Among the reasons for calm: The big surges lately are partly blamed on skewed comparisons to the steep drops of a year ago, and many companies that have held the line on price hikes for years remain reticent about them now. What's more, U.S. retail sales stalled in April after a sharp rise in the month earlier, and commodities prices have recently retreated from multi-year highs. 

 

 

EU Key Point

  • US 10-year yields return to key 1.60% level on Fed's reassurance.
  • Taiwan's stock market selling off again after a further spread of COVID-19 infections, tighter restrictions.
  • New Zealand services PMI for April 61.2 (prior 52.4.
  • China‘s ban on Australian coal seen extending into 202
  • EUR/CHF: Bullish while above uptrend at 1.0905, eyes a breach of 1.1075.
  • Gold Price Analysis: XAU/USD eyes additional upside towards $1880.

 

 

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