
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
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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 bullish outlook.
Fibonacci Levels
XAG/USD: Silver continuous to stand on 50% retracement area. Bulls losing control of the market.
EU Market View
Stocks found a footing and swinging bond markets calmed down on Wednesday, with testimony from U.S. Federal Reserve chair Jerome Powell providing investors with reassurance that the central bank has an eye on inflation but is not rushing to hike rates. Several other Fed speakers are due to appear later on Wednesday and their comments may add to a growing sense among traders that September's Fed meeting may bring the announcement of the beginning of the end of stimulus later in the year.
The dollar edged higher in early European trade Wednesday, stabilizing after weakness overnight following commentary from Federal Reserve Chair Powe that again indicated the central bank will take time to tighten monetary policy. Powell stuck largely to his previous script when addressing lawmakers on Tuesday, acknowledging that the price increases seen in the economy recently had been bigger than expected but repeating that they will probably wane.
"We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel. These comments didn’t really make the Fed’s timetable for tightening monetary policy any clearer and disappointed some dollar bulls would had been looking for a steer towards an early move given the hawkish tone at the last Fed meeting. The only comfort for dollar bulls came from San Francisco Fed President Mary Daly, who said that the "substantial further progress" in the recovery, which the Fed has made a precondition for starting to tighten policy, was within reach this year.
EU Key Point
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
Ichimoku Kinko Hyo CHF/JPY: The CHF/JPY pair is now testing the upper level of the cloud…
Ichimoku Kinko Hyo GBP/JPY: The GBP/JPY pair is now trading within the cloud…
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