On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
AUD/JPY represents some recent risk averse attitude
2020-12-08 • Updated
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.
XAG/USD: Silver bulls return aggressively and send price above the 61.8 % retracement area. It seems that further bullish rally is possible.
European Market View
Asian equity markets were mixed after an uninspiring handover from the US where stocks pulled back from record levels. In the US, the House will conduct a vote on a 1-week continuing resolution on Wednesday to provide lawmakers more time to work on government spending and virus relief. Looking ahead, highlights from the macroeconomic calendar include German ZEW, EZ GDP (final). The dollar slid against most currencies as investors eyed potential stimulus and vaccine development. Sterling clung to hopes of a meeting between British Prime Minister Boris Johnston and European Commission President Ursula von der Leyen salvaging a Brexit trade deal. Oil prices fell, extending losses from the previous session
EU Key Point
- France's Beaune: There is still room to negotiate on Brexit
- Germany reportedly to discuss tighter virus measures sometime this week
- Pfizer tells US officials that it cannot provide substantial additional vaccine doses until late June
- Germany reports 14,054 new coronavirus cases in the latest update today
- Gold extends gains to a fresh two-week high.
The rally of the US dollar has stopped for a while. That allowed risk-on assets (GBP, NZS, AUD, stocks) and also gold to recover some losses.
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