EUR/USD enters a consolidation period

EUR/USD enters a consolidation period

2020-10-23 • Updated

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Ichimoku Kinko Hyo

GBP/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 at 38.2% retracement level. It seems that silver has entered a consolidation period.

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US Market View

Dow notched gains Thursday, led by value stocks like energy and financials, on hopes the economy is set to get a fiscal boost after House Speaker Nancy Pelosi suggested an agreement on stimulus was nearing the finish line. The Labor Department said 787,000 people filed for unemployment insurance, down 55,000 from the prior week's downwardly revised 842,000, and well above economists' forecast for 870,000. Some economists, however, questioned whether the trend will continue in the wake of rising Covid-19 cases.

US Key Point

  • Kudlow supports that there are still policy differences on stimulus
  • French government told fishing industry it would get smaller catch from UK waters
  • Netherlands hits 10,000 daily virus cases for the first time

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Similar

Dollar hits new 31-month low

U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.

EUR/GBP: Bullish trend remains strong

A tentative mood was seen in Asia-Pacific bourses following the flat performance on Wall Street, whilst Chinese Caixin Services PMI printed its second-highest reading in a decade.

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