BOE increased its quantitative easing program

BOE increased its quantitative easing program

2020-11-06 • Updated

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Ichimoku Kinko Hyo

CAD/JPY: The pair is trading below the cloud. Further pressure from sellers will lead the pair lower.

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Fibonacci Levels

XAG/USD: Silver moves on 23.6% retracement level. It seems that silver buyers forming a bullish flag.

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European Market View

Democrat Joe Biden inched closer to winning the White House while President Donald Trump escalated his unprecedented efforts to cast doubt on the election's integrity.

Biden, the former vice president, was chipping away at the Republican incumbent's leads in Pennsylvania and Georgia even as he maintained narrow advantages in Nevada and Arizona, moving closer to securing the 270 votes in the state-by-state Electoral College that determines the winner.

The Bank of England increased its quantitative easing program by more than expected, paving the way for bigger government borrowing to deal with an expected double-dip recession.

The Bank expanded the envelope of its asset purchases by 150 billion pounds ($195 billion), or around 7% of U.K’s GDP, supporting that the economy to contract in the fourth quarter and to face extra headwinds at the start of next year from the end of the post-Brexit transition period.

EU Key Point

  • Nikkei 225 closes up by 0.91% at its highest level since 1991
  • Japan finance minister Aso supports that It is up to the BOJ to decide on monetary policy
  • Trump's lead in Pennsylvania continues to narrow through the night
  • Germany posts record 21,506 new daily coronavirus cases in latest update today
  • Oil has been steadily losing ground during Friday in Asia

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