European shares slipped on Tuesday as investors awaited the first U.S. presidential debate and eyed progress of a fiscal stimulus package in Washington
Commodities Under Correction after Big Gains
2020-08-07 • Updated
Midday Market View
European stock markets are trading mixed today, with hope of a prompt Brexit deal helping the UK market outperform, while increasing tensions between China and the US market still awaits more details for the new US stimulus.
Midday Key Point
- BOE's Ramsden supports that Bank of England does not plan for negative rates.
- Dollar continues to keep firmer on the day, all eyes on the US jobs report later.
- China says TikTok and WeChat are in compliant with US laws and international regulations.
EUR/USD has violated the pivot point and stands next to the resistance area 1.1680
So the pound went all-in bullish yesterday on Brexit hopes. While these hopes still have to manifest, the GBP will have to defend its positions now.
USD/JPY has been rising for almost a week except for Monday, but the strong resistance of the 50-day moving average at 105.80 may stop it from moving higher.
BoA released the report with the bullish forecast for the S&P 500 and shared its technical analysis. Let's discuss it in detail.
EUR/USD has violated the first resistance trendline area 1.1680