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
Cable inches towards key resistance near 1.3400
2020-12-01 • Updated
Ichimoku Kinko Hyo
GBP/JPY: The pair is trading above the cloud. Further bullish pressure will lead the currency pair to retest the previous highs.
XAG/USD: After some significant sell off for silver, it seems that bulls return and try to touch the key area of 38.2%.
European Market View
Asian equity markets traded positively as strong data releases helped the region shrug-off the weak handover from the US where stocks were pressured by month-end flows. Fed Chair Powell’s testimony at the Senate Banking Committee reiterated that the outlook for the US economy is uncertain and will depend on the virus. Looking ahead, highlights from the macroeconomic calendar include Eurozone, UK, and US Markit Mfg Final PMI, EZ Flash CPI, US ISM Mfg and Construction Spending, OPEC+ meeting, Fed's Powell, Brainard, Daly, Evans, ECB's Lagarde speeches. The progress on the COVID-19 vaccines and hopes of a swift economic rebound next year added to the optimistic sentiment in the market. The dollar was under pressure on Tuesday, after closing out its worst month since July with a little bounce and as investors reckon on even more US monetary easing.
European Key Point
- Tokyo reports 372 new coronavirus cases in the latest update today
- Head of the US authority responsible for approving COVID-19 vaccines has been called to the White House
- Germany reports 13 604 new coronavirus cases in the latest update today
- RBA announces no change to monetary policy, as expected
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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