AUD/USD continues to dip lower
Ichimoku Kinko Hyo
AUD/JPY: The pair is trading below the cloud. Further bearish pressure will lead the currency pair to retest the previous lows.
Fibonacci Levels
XAG/USD: Silver consolidates above the 23.6% retracement area during the last hours.
European Market View
Asian equity markets follow suit to the mixed performance in the US where sentiment was pressured and DJIA pulled back from record highs amid lockdown concerns.
Electoral College officially voted to confirm President-elect Biden's election victory with sufficient electors required to become President. Looking ahead, highlights include UK labor market report, NY Fed manufacturing, industrial production, Australian PMIs, Japanese trade balance, ECB's Lane, BoC's Macklem speeches. COVID crisis continues to create uncertainty with the UK government imposed tighter Covid-19 restrictions on London, citing increased infection rates that may be partly linked to a new variant of the coronavirus.
This follows news that Germany will enter a lockdown from Wednesday that will see the closure of non-essential stores, The Netherlands has announced a new five-week lockdown, while Italy is considering more stringent restrictions over the Christmas holidays.
EU Key Point
- Oil pulls back from 9 months high
- US Senate leader McConnell says it is time to find consensus on COVID-19 relief
- US President-elect Biden says he is convinced he can work with Senate Republicans