Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
USD bulls try to resist
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a new bullish outlook.
XAU/USD: Gold gains after a period of the significant selloff. Gold remains below the key 38.2% retracement area while bulls resist further selloff.
US Market View
World shares edged up to just below record peaks on Tuesday after robust China data boosted expectations of a recovery from the COVID-19 downturn and as drugmakers seek fast approval for their vaccines and authorities look set to keep stimulus support.
Bets of more easing from the Fed in the United States to help the pandemic-hit economy through the winter weighed on the dollar, as riskier currencies rose, while crude prices missed out on the bounce after OPEC+ countries delayed a decision on output cuts. In foreign exchange markets, the dollar was under pressure after closing out its worst month since July with a little bounce and as investors reckon on even more US monetary easing. In a speech released late on Monday, Fed chair Jerome Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.
Elsewhere sterling hit a three-month high as traders clung to hopes for a Brexit trade deal before the year's end, while risk-related currencies such as the Canadian and Australian dollar rose against the greenback.
USA Key Point
- Cable eases back to key near-term levels on the pullback after testing 1.3400
- UK November final manufacturing PMI 55.6 vs 55.2 prelim
- Eurozone November final manufacturing PMI 53.8 vs 53.6 prelim
- Germany November unemployment change -39.0k vs 8.0k expected
- France November final manufacturing PMI 49.6 vs 49.1 prelim
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.