US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19
GBP Gains Slightly Despite No Deal Uncertainty
2020-10-19 • Updated
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading in a bullish sentiment above the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bullish momentum
XAG/USD: Silver after a remarkable correction stands above 50% retracement area. The new stimulus should help gold to move higher.
EU Market View
Looking ahead, highlights from the macroeconomic calendar include Fed’s Powell, Clarida, Williams, Bostic and Harker, ECB’s Lagarde, Lane, Mersch, and de Guindos, BoE’s Broadbent and Cunliffe. UK officials are reportedly preparing to dilute PM Johnson’s Brexit legislation, in a move that could rekindle negotiations with the EU. Chinese government officials are warning the US they may detain US nationals in China in retaliation to the Justice Department’s prosecution of military-linked Chinese scholars, sources said
EU Key Point
- Lagarde supports that the options in our toolbox have not been exhausted
- Germany reports 4,325 new daily coronavirus cases in the latest update today
- China Q3 GDP comes at +2.7% q/q (expected +3.3%)
President-elect Biden will present details of his plans to support the economy through the pandemic, while Federal Reserve chairman Jerome Powell may offer some reaction in a speech later.
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