Cable inches towards key resistance near 1.3400

Cable inches towards key resistance near 1.3400

2020-12-01 • Updated

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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.

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Fibonacci Levels

XAG/USD: After some significant sell off for silver, it seems that bulls return and try to touch the key area of 38.2%.

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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

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