EUR/USD: Entering a consolidation period

EUR/USD: Entering a consolidation period

2021-02-12 • Updated

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Ichimoku Kinko Hyo

GBP/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand above 38.2% retracement area. There is indecision between bulls and bears.

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EU Market View

Asian equity markets were subdued in holiday-thinned trade and following a mixed lead from Wall Street. Britain's coronavirus-ravaged economy shrank 9.9% in 2020, the biggest annual fall in output since modern records began but avoided heading back towards recession in the final quarter of the year, official figures showed on Friday. The dollar headed for its first losing week in three as new signs of weakness in the U.S. jobs market dented investor expectations about the pace of economic recovery from the pandemic. The dollar remained on the back foot on Friday in Asia, pinned near two-week lows, after the release of weaker-than-expected weekly U.S. jobless claims data the previous day.

Looking ahead, highlights from macroeconomic calendar include UK GDP, Uni. of Michigan, Fed's Williams speech.

EU Key Point

  • UK PM Johnson to make statement on 22 February on plan to exit lockdown.
  • UK December monthly GDP comes at +1.2% vs +1.0% m/m than expected.
  • Germany reports 9,860 new coronavirus cases, 556 deaths in the latest update today.

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