Surging coronavirus cases and a stalemate in Washington over the next fiscal aid bill darkened the economic outlook in the run up to Nov. 3 presidential elections.
Fed Chair Powell Testifies
2020-09-22 • Updated
Ichimoku Kinko Hyo
CAD/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.
XAU/USD: Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
EU Market View
Asian equity markets were lower across the board with weakness stemming from the uninspiring performance in global peers. European stock markets are seen largely rebounding Tuesday after the previous session’s sharp losses. However, the overall tone remains weak amid concerns that the region’s recovery will be stymied by fresh lockdowns.
Looking ahead, highlights from the macroeconomic calendar include Riksbank & Hungarian rate decisions, US existing home sales, BoE Governor Bailey, ECB's Panetta, Lane speeches, Fed Chair Powell, Evans Barkin speeches.
EU Key Point
- Dollar firms a little more to start the session
- UK's Gove supports that new restrictions will be imposed
- BoE rate cut expectations to increase
Gold moves to the 23.6% retracement level. It seems that gold loses strength under the current risk-off mood.
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.
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
U.S. stock markets are set to open with a modest bounce after their worst day in over a month on Monday.
Asian equity markets resumed the weak performance seen across global peers which culminated in Wall St’s worst day in over a month