Asian equity markets mostly lacked firm direction as bourses took their cue from the rangebound session in the US where tech losses were offset by cyclicals.
EUR/USD remains strong
2020-12-08 • Updated
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.
XAU/USD: Gold continues to move higher achieving a full retracement.
US Market View
US stocks are set to extend Monday’s losses when markets open later, as concern about the spread of lockdown measures to tackle the pandemic returns to haunt cyclical stocks. Britain is the first Western country to start immunizing its population in what has been hailed as a turning point in the battle to defeat the disease. It is the worst-hit country in Europe with more than 61 000 deaths. Crude oil prices fell again as concerns about the spread of the pandemic again fed through into bearish sentiment about the demand outlook.
USA Key Point
- The CHF is the strongest while the GBP is the weakest
- UK PM spokesman: Brexit talks will not continue into next year
- Pound keeps lower on Brexit uncertainty
The dollar was down on Wednesday morning in Asia, despite caution over the new B.1.1.7 strain of the COVID-19 virus pushing investors turn toward safe-haven assets.
Further bearish pressure will lead AUD/JPY to retest the previous lows of 77.00.
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