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
Dollar slightly firmer in European morning Session
2020-11-12 • Updated
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading below the cloud. Downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAU/USD: Silver after a sell off is trading below 23.6% retracement area. It seems that a bearish flag is formatting.
EU Market View
Asian equity markets traded mostly lower as sentiment gradually deteriorated from the mixed performance stateside. Oil futures traded near two-month highs due to hope for a vaccine and a larger-than-expected drawdown in U.S. crude inventories. U.S. stocks were mixed as investors switched back to technology stocks and away from economically sensitive sectors as they weighed COVID-19 vaccine progress and the likely timing of an economic rebound.
Looking ahead, highlights from the macroeconomic calendar include UK GDP, US CPI and Initial/Continued Jobless Claims, ECB's Lagarde, de Guindos, Mersch Schnabel; Fed's Powell, Williams and Evans, BoE's Bailey speeches. The U.S. dollar edged lower against the yen and yuan as traders adjusted positions before U.S. President-elect Joe Biden takes office next year.
EU Key Point
- UK September monthly GDP comes at +1.1% vs +1.5% m/m than expected
- OPEC reportedly looking to extend current output cuts for another 3-6 months
- Germany reports 21,866 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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