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Dollar retreats from highs ahead of Yellen's testimony

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Ichimoku Kinko Hyo

USD/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 breaks down many support levels but recently buyers achieved to send price above 23.6% retracement area.

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EU Market View

Asian equity markets mostly rallied with risk appetite spurred as trade picked up from Monday’s holiday. Treasury Secretary nominee Yellen is expected to call for big action to spur a recovery. Looking ahead, highlights from macroeconomic calendar include German ZEW, Yellen's Treasury Secretary confirmation hearing, BoE's Haldane, earnings from GS and Netflix.

EU Key Point

  • Europe car sales plunged by the most on record in 2020
  • Germany December final CPI comes at -0.3% vs -0.3% y/y
  • USD/JPY continues to face stiff resistance just above the 104.00 area

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