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
Chinese Economic Prospects Boost Higher Aussie
2020-11-17 • Updated
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAG/USD: Silver’s volatility has increased. Despite the recent sharp selling pressure, bulls appear resilient and keep price at the 38.2% retracement area.
EU Market View
Asia-Pac stocks extend on gains after the fresh record levels on Wall St where cyclical outperformed on vaccine optimism following the announcement that Moderna's Phase 3 vaccine efficacy rate was at 94.5%. Looking ahead, highlights from the macroeconomic calendar include US retail sales, industrial production, OPEC JMMC, ECB’s de Guindos, Lagarde, BoE’s Bailey, Ramsden, Fed’s Daly, Williams, Rosengren speeches. The vaccine news helped the risk-friendly Australian dollar, which climbed to a one-week high against its US counterpart. Rising virus case numbers in the United States clouded views on the dollar, which dropped against a basket of major currencies.
EU Key Point
- Germany's Braun says government to push for tighter virus restrictions next week
- US futures a little lower ahead of European morning trade
- Eurostoxx futures -0.4% in early European trading
- Fed chair Powell to speak later in the day
- Germany reports 14,419 new coronavirus cases in the latest update today
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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