Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
GBP/USD: now focuses on 1.4300 and beyond
Information is not investment advice
Ichimoku Kinko Hyo
EUR/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 between 50% and 61.8% retracement area. The battle between bulls and bears keeps going.
EU Market View
Asia Pacific stocks were down Wednesday morning, even as Treasury yields steadied and the U.S. Federal Reserve pledged continued support for the U.S. economic recovery from COVID-19. Fed Chairman Jerome Powell said during his testimony before the Senate Banking Committee on Tuesday that the economy remained “a long way” from employment and inflation goals and that rates would stay low and bond buying proceed apace until there was “substantial further progress”.
Looking ahead, highlights from macroeconomic calendar include US new home sales,BoE's Haldane, Bailey, Vlieghe, Haskel, Broadbent, Fed's Powell, Brainard, Clarida speeches.
Oil prices fell on Wednesday after industry data showed a deep freeze in the southern states curbed demand from refineries that were forced to shut. Gold was up on Wednesday morning in Asia, close to a one-week high reached during the previous session, due to a weaker US dollar and comments by U.S. Federal Reserve Chairman Jerome Powell that the U.S. economy is still on the road towards recovery from COVID-19.
EU Key Point
- UK restrictions could be lifted sooner than 21 June if vaccine data is better than anticipated.
- Pound holds higher after earlier spike.
- Germany reports 8,003 new coronavirus cases, 422 deaths in latest update today.
- Four Fed speakers on the agenda for today.
- The US House will vote on Biden's coronavirus economic stimulus bill on Friday.
- AstraZeneca tells EU it expects to deliver less than half the COVID-19 vaccines it was contracted to supply in Q2.
- GBP/USD now focuses on 1.4300 and beyond.
- Risk keeps more defensive ahead of European trading.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.