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USD/JPY : targets higher levels

USD/JPY : targets higher levels

Information is not investment advice

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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.

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Fibonacci Levels

 XAG/USD: Silver gains but continuous to stand below key 23.6% retracement area.

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EU Market View

Asia stocks opened higher on Tuesday, cruising in the slipstream of a record high overnight gauge of global equity markets, with investors hoping for inflation and monetary policy clues later in a week full of key central bank meetings and data points. Asian markets lack direction following a similar indecisive performance on Wall Street, as the absence of significant catalyst has participants looking towards the key events later this week including the ECB meeting and US CPI. US Republican Senator Capito was said to not sound too optimistic about talks with President Biden ahead of today’s meeting.

The European Central Bank is due for its monetary policy meeting on Thursday, the same day U.S. consumer price index number will be released, potentially fuelling talks of tapering by the Federal Reserve. In Asia, China inflation data is due on Wednesday.The dollar edged higher in early European trade Tuesday, but activity remains subdued ahead of this week’s key U.S. inflation release after Friday’s lackluster payrolls number.

Oil prices lost more ground on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China's oil imports fell in May.

 

EU Key Point

  • Germany April industrial production -1.0% vs +0.4% m/m expecte
  • Germany reports 1,204 new coronavirus cases, 140 deaths in latest update today.
  • Japan May economy watchers survey current situation 38.1 vs 34.0 expecte
  • China state media advise Australia to diversify its iron ore exports away from China.
  • EU vice president Sefcovic threatens UK with "sausage trade war" (re Brexit).
  • Coronavirus - Canada is set to loosen its quarantine rules for vaccinated travellers.
  • Japan GDP final for Q1 2021 -1.0% q/q (prior +2.8%).
  • Australian inflation expectations are steadily moving higher.
  • US report says theory that COVID-19 virus leaked from a Chinese lab in Wuhan is plausibl

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GBP/USD Is Ready for Reverse Up

GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.

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