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GBP/USD: Corrective decline could extend to 1.3850
Information is not investment advice
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.
XAG/USD: Silver continuous to stand below 38.2% retracement area. Bearish pressure is growing, and bulls seem weak to respond.
EU Market View
Asia stocks dropped on Tuesday and European equity futures fell as a senior Chinese official expressed wariness about the risk of asset bubbles in foreign markets and a recent bond market sell-off still weighed on investor sentiment. Australian shares ended marginally lower on Tuesday as the market appeared to show a muted response towards the central bank's decision to stand pat on interest rates, as expected. Risk appetite returned to markets as investors shook off worries of higher interest rates. Looking ahead, highlights from macroeconomic calendar include EZ CPI, Canadian GDP, OPEC JTC, ECB's Panetta, Fed's Brainard, Daly speeches.
China's top banking and insurance regulator expressed wariness of the risk of bubbles bursting in foreign markets, and said Beijing is studying effective measures to manage capital inflows to prevent turbulence in the domestic market.
Global markets are starting to see side effects of fiscal and monetary policy steps in response to the COVID-19 pandemic, said Guo Shuqing, head of the China Banking and Insurance Regulatory Commission, at a news conference on Tuesday.
EU Key Point
- Germany January retail sales comes at -4.5% vs +0.3% m/m than expected.
- Risk slightly on the defensive ahead of European trading.
- Germany reports 3,943 new coronavirus cases, 358 deaths in latest update today.
- AUD gaining a few points, bond yield up also after the RBA decision.
- Across the board USD strength in Asia trade gathering pace.
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