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USD/JPY : Outlook remains positive
Information is not investment advice
Ichimoku Kinko Hyo
GBP/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 below 23.6% retracement area. Bearish pressure is growing.
EU Market View
Asian equity markets traded choppy following the mixed lead from Wall St where the DJIA outperformed to post a fresh record high. The $1.9 trillion stimulus package, which is expected to be signed into law before a March 14 deadline to renew unemployment support measures, stoked investor optimism of a more robust economic recovery. The sharp rise in rates continued to weigh on tech stocks, but some investors appear to be positioning for a rebound in the sector amid fading fears that the uncertainty in rates will be disorderedly. U.S. Treasury Secretary Janet Yellen said on Monday that President Joe Biden's coronavirus aid package would provide enough resources to fuel a "very strong" U.S. economic recovery and noted "there are tools" to deal with inflation.
Despite the positive cues, investors remain conflicted over whether the stimulus will help global growth rebound faster from the COVID-19 downturn or cause the world's biggest economy to overheat and lead to runaway inflation. U.S. economic data pointed to a continued recovery, as the Commerce Department said wholesale inventories increased solidly in January despite a surge in sales, suggesting inventory investment could again contribute to growth in the first quarter.
Looking ahead, highlights from macroeconomic calendar include Norges Bank Regional Network Report, BoE's Haldane, RBA's Lowe, Fed's Kaplan speech.
EU Key Point
- French health director says that greater Paris lockdown not on the cards.
- Risk keeps in a better spot ahead of European trading.
- Germany reports 4,252 new coronavirus cases, 255 deaths in latest update today.
- China stock market intervention turns the plunge around.
- Pelosi says passage of Biden's $1.9tln package could be Wednesday, not Tuesday.
- UK data shows a huge drop in consumer spending and a huge rise in consumer confidence.
- Japan GDP (final) for Q4 2020 comes at 2.8% q/q (prior 5.3%).
- GBP/USD trades with modest gains around mid-1.3800s.
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