ECB remains pessimistic about European economy

ECB remains pessimistic about European economy

2020-10-29 • Updated

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Ichimoku Kinko Hyo

CHF/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.

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Fibonacci Levels

 XAG/USD: silver moves above 23.6% retracement level at $23.10. Silver bulls still struggling to move the market higher.

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US Market View

It is an earnings season, with Apple, Amazon, Facebook, and Alphabet all reporting after the close. The earnings again come only a day after some of their CEOs were in Congress, the timing thus sparing them the embarrassment of having to defend their monopoly profits at a time of widespread hardship across the economy.  The U.S. economy grew at its fastest rate since records began in the third quarter, reversing much but by no means all - of the output lost in the second quarter under the impact of the coronavirus pandemic. The figures, while spectacular, are essentially backward-looking and exaggerated by the habit of annualizing GDP data. They reflect the reopening of many businesses in the summer after government-mandated stay-at-home orders had crippled both manufacturing and services output in the spring.

US Key Point

  • Oil falls to a fresh four-month low amid renewed supply concerns
  • ECB's Jochnick supports that the possibility of a double-dip recession cannot be ruled out yet
  • Germany October unemployment change -35.0k vs -5.0k expected

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