AUD, GBP, NZD top session performers against the dollar
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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 continuous to stand above the 38.2% retracement area. The battle between bulls and bears keeps going.
EU Market View
Asia-Pac lacked firm direction as risk appetite was sapped by holiday closures for many key markets in the region and following an uninspired handover from the US. European stock markets are seen opening marginally higher Thursday, with investors looking to take their cues from the corporate sector on another busy earnings day. Stock markets have posted strong gains over the last few months on expectations that additional US fiscal stimulus coupled with global vaccination programs would usher in a period of economic growth as the influence of the coronavirus pandemic waned.
However, the European markets have woken up Thursday to more muted trading elsewhere, with Wall Street closing marginally lower overnight and many countries in Asia-Pacific, including China, Japan, and South Korea, shut for holidays.
Looking ahead highlights from the macroeconomic calendar include US initial/continued jobless claims, OPEC & IEA, ECB's de Guindos, and supply from Italy and the US, earnings.
EU Key Point
- Germany reports 10 237 new coronavirus cases, 666 deaths in the latest update today.
- US President Biden tweets: "I will work with China when it benefits the American people."
- Biden, Xi (US & China presidents) spoke on the phone - Biden was concerned about unfair economic practices.
- US President Biden set to announce a review of strategy on China.