Brent: Future is Still Sunny
What happened? Brent returned to the rising channel on Wednesday by gaining 4% during the trading session…
USD/JPY edges higher as risk appetite improves
Information is not investment advice
Ichimoku Kinko Hyo
AUD/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 continues to stand above the 61.8% retracement area. Bears seem to lose control of the trend.
EU Market View
Asian equity markets were mostly higher and US equity futures resumed last Friday’s advances on Wall Street. Asian shares hovered near record highs on Monday while oil surpassed $60 a barrel on hopes a $1.9 trillion Covid-19 aid package will be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally. Global equity markets have scaled record highs in recent days on hopes for a faster economic revival led by successful vaccine rollouts and expectations of a large US pandemic relief package. US President Joe Biden’s push for his $1.9 trillion Covid-19 relief package gained momentum on Friday after the US Senate narrowly approved a budget blueprint allowing Democrats to push the legislation through Congress in coming weeks with or without Republican support.
Republicans have proposed a $600 billion aid package, less than a third the size of the Democratic plan. On Friday, the Nasdaq and S&P 500 hit all-time highs on stronger than expected corporate results in the fourth quarter, and as companies were on track to post earnings growth for the first quarter instead of a decline. The rallies came even as US data painted a dour picture of the country's labor market with payrolls rising by 49 000, half of what economists were expecting.
US President Biden does not think his proposal for raising the minimum wage to USD 15 will survive negotiations. Looking ahead, highlights from the macroeconomic calendar include Eurozone Sentix, ECB's Lagarde, and Fed's Mester speech.
EU Key Point
- Germany reports 4 535 new coronavirus cases, 158 deaths in the latest update today.
- Nikkei hits a 30-year high.
- The case for CAD highlights labor force participation and BOC tapering.
- The US unveils child benefits as part of the $1.9 trillion stimulus package on Monday.
- Yellen supports that the US could reach full employment next year with a $1.9T stimulus package.
Gerasimos Papagiannis
Similar
How will ECB Drive EUR?
What will happen? The European Central Bank will present the monetary policy statement on June 22…
USD/CAD Reversal Pattern
After a notable rally all the way to 1.28, USD/CAD dropped back to 1.2730 yesterday, confirming our outlook mentioned a few days ago about the need for a downside retracement before the upside trend resumes.
Popular
Brent: Future is Still Sunny
What happened? Brent returned to the rising channel on Wednesday by gaining 4% during the trading session…
New Trend in Tech Stocks?
When Twitter Inc. and Snap Inc. posted quarterly revenue that blew past analysts’ expectations, the results bumped up the shares of the two of their larger rivals: Facebook Inc. and Alphabet Inc.
EUR/USD Holding After ECB Decision
EUR/USD managed to rise for a very short period of time right after the ECB decision to as high as 1.1798 before declining and giving away its entire gains.
Choose your payment system
