France is getting another dose of stimulus, with 100 billion euros

France is getting another dose of stimulus, with 100 billion euros

2020-09-03 • Updated

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Ichimoku Kinko Hyo

USD/JPY: The USD/JPY pair is testing the Kijun Sen level. An upward wave would lead the pair towards the Tenkan Sen and even higher. The bullish scenario is still in force.

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European Market View

The U.S. Centers for Disease Control and Prevention has told states to prepare for a Covid-19 vaccine to be ready by Nov. 1, a date that suggests the federal government anticipates a vaccine will become available just days before President Donald Trump stands for reelection.

France is getting another dose of stimulus, with 100 billion euros of shock and awe to get the economy moving again after the pandemic-induced lockdowns of the spring. The plan being announced today is focused on boosting supply and encouraging investment, and it includes a 10-billion-euro tax cut for industry next year. President Emmanuel Macron says the strategy is one of the biggest in Europe relative to the size of the economy, which shrank almost 14% in the second quarter.

U.S. equities set a fresh all-time high, amid signs that the global rally is broadening into other sectors. Several of this year's big tech winners, including Apple Inc., Zoom Video Communications Inc. and Tesla Inc. fell, with the last hit by news that Scotland-based fund manager Baillie Gifford had cut its holding in the electric-car maker.

In FX the dollar added to gains as the euro slid further below $1.19.

Chicago Fed President Charles Evans discusses the U.S. economy and monetary policy, while Bank of England Governor Andrew Bailey speaks on the future of cryptocurrencies at a different event.

USD/RUB rose as Germany lashed out against Russia. The rise could reflect an increased risk of tightening of Western sanctions on Russia. The German government said that tests showed that the Russian opposition candidate Navlny was poisoned with nerve agent novichok and that the government would seek "joint reaction" to the attack. The statement is significant since Germany traditionally has been the mediator between the West and Russia.

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