GBP climbs as BOE continues to play down negative rates expectations

GBP climbs as BOE continues to play down negative rates expectations

2021-02-04 • Updated

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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.

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Fibonacci Levels

 XAU/USD: Gold after further weakness is trading below 23.6% retracement area.

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US Market View

World stock markets were fighting for a fourth day of gains on Thursday as a near one-year high in oil prices, a revitalized dollar and rising bond yields refocused attention on inflation and normalizing economies. Oil prices continued to test new highs overnight without breaking through, in the wake of an OPEC meeting that delivered no surprises on output policy.

With the WallStreetBets/Reddit retail trading tumult having eased this week, markets were back in their comfort zone of corporate earnings, economic data, and central bank meetings. Treasury Secretary Janet Yellen may meet with U.S. financial regulators to discuss the implications of the frenzied trading in a handful of heavily shorted stocks over the last couple of weeks.

New U.S. President Joe Biden had told House Democrats on Wednesday he was more concerned that too little would be provided rather than too much when it came to economic relief.

The dollar hit its highest level in two months as a brightening outlook for the U.S. economy pushed bond yields higher.The dollar gained most against the euro, which fell below $1.20 on perceptions that the two regions’ rollout of vaccines and the extent of their lockdowns both point to U.S. outperformance in the next couple of months.

USA Key Point

  • Yellen supports that ‘’we need to make sure that markets are functioning properly’’.
  • Pound climbs as BOE continues to play down negative rates expectations.
  • The AUD is the strongest and the EUR is the weakest in US session.

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