US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19
AUD/JPY: Risk on remains intact
2020-11-30 • Updated
Ichimoku Kinko Hyo
NZD/JPY: The pair is trading above the cloud. An upside pressure would lead the pair to exit further the cloud, confirming a new bullish outlook.
XAG/USD: Bears clearly control market. Seems day by day that bullish market loses momentum.
US Market View
World shares paused on Monday to assess a record-breaking month as the prospect of a vaccine-driven economic recovery next year and yet more free money from central banks eclipsed immediate concerns about the coronavirus pandemic. Weden's Riksbank surprised last week by expanding its bond purchase program and the European Central Bank is likely to follow in December. German 10-year Bund yield was down 1.1 basis points at -0.598%, its lowest since Nov. 9.
Federal Reserve Chair Jerome Powell testifies to Congress on Tuesday amid speculation of further policy action at its next meeting in mid-December. As a result, U.S. 10-year yields are ending the month almost exactly where they started at 0.84%, a solid performance given the exuberance in equities.
USA Key Point
- ECB's Lagarde supports that monetary policy cannot be as targeted as fiscal measures can be
- Italy November preliminary comes at CPI -0.2% vs -0.3% y/y than expected
- European equities creep higher after slightly softer start
- EUR/USD on approach to 1.2000
- Pound a little higher but price action still confined by key near-term levels
President-elect Biden will present details of his plans to support the economy through the pandemic, while Federal Reserve chairman Jerome Powell may offer some reaction in a speech later.
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