All eyes on ECB as risk off remains strong

All eyes on ECB as risk off remains strong

2020-10-29 • Updated

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Ichimoku Kinko Hyo

GBP/JPY: The pair is trading in a bullish sentiment above the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bullish momentum.

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Fibonacci Levels

XAG/USD: silver moves below the 23.6% retracement level at $23.35. Silver bulls will struggle to gain further as a risk-averse mood still exists.

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EU Market View

Asian equity markets traded mostly lower following the bloodbath on Wall Street where all major indices declined by more than 3%. The BoJ maintained policy settings as expected and continued to signal a lack of urgency for immediate support.

Looking ahead, highlights from the macroeconomic calendar include Eurozone Consumer Confidence, Economic Sentiment, US GDP (Advanced), Initial/Continued Jobless Claims, German CPI (Prelim). Japanese Unemployment, ECB and BoJ Rate Decisions, ECB’s Lagarde press conference.

EU Key Point

  • China's major state-owned banks said to be buying dollars to limit the yuan appreciation
  • BOJ's Kuroda supports that he is ready to ease monetary policy without hesitation if needed
  • Germany posts record 16 774 new coronavirus cases ahead of November 'lockdown light'

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