Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
EUR/USD is trading lower before ECB
2020-12-09 • Updated
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAU/USD: Gold after a sell off earlier today is trading much above 61.8% retracement area.
US Market View
U.S. stock markets are set to open mostly higher, supported by signs that the U.S. is edging closer to agreeing a fiscal package to lighten the burden on the economy from the latest wave of the Covid-19 pandemic. Treasury Secretary Steven Mnuchin proposed a package of measures worth $916 billion to House Speaker Nancy Pelosi on Tuesday, and although Pelosi rejected it as offering inadequate funds to state and local governments, its size increases the pressure on Senate Leader Mitch McConnell to abandon his plans for a smaller bill.
China’s annual rate of inflation turned negative for the first time in a decade in November, but analysts were quick to play down any suggestion a destructive deflationary cycle. Crude oil prices edged higher again after a setback on Tuesday, when American Petroleum Institute data showed another surprising rise in U.S. crude inventories, by over 1 million barrels.
USA Key Point
- Sadiq Khan warns that London may move to Tier 3 virus restrictions
- ECB meets tomorrow
- Poland, Hungary, Germany reach agreement on EU budget deal
- Sterling claws its way higher ahead of eagerly awaited Johnson-von der Leyen meeting
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