Surging coronavirus cases and a stalemate in Washington over the next fiscal aid bill darkened the economic outlook in the run up to Nov. 3 presidential elections.
Around 5 million British jobs remained fully or partly on furlough at the end of July.
2020-09-18 • Updated
Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair is trading below the Kumo. Further bearish momentum will confirm the bearish sentiment.
US Market View
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
Around 5 million British jobs remained fully or partly on furlough at the end of July, down from a peak of just under 9 million but still leaving millions of workers facing uncertainty with the scheme due to be wound up at the end of next month.
The U.S. current account deficit soared to its highest level in nearly 12 years in the second quarter as the COVID-19 pandemic weighed on the exports of goods and services. The Commerce Department said on Friday the current account deficit, which measures the flow of goods, services and investments into and out of the country, jumped 52.9% to $170.5 billion last quarter. That was the highest level since the third quarter of 2008.
The dollar was unable to shake off the previous session’s lows on Friday and was set for a weekly fall, losing out to the Japanese yen in particular, which hit a seven-week high as investors sought the safe-haven currency. The dollar - which had been boosted by the Federal Reserve upgrading its 2020 economic forecast earlier this week - gave up those gains, and was flat versus a basket of currencies, at 1049 GMT, set for a weekly loss of around 0.4%.
Gold moves to the 23.6% retracement level. It seems that gold loses strength under the current risk-off mood.
GBP/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
U.S. stock markets are set to open with a modest bounce after their worst day in over a month on Monday.
Asian equity markets resumed the weak performance seen across global peers which culminated in Wall St’s worst day in over a month