AUD/USD is dropping after the RBA decision and statement

AUD/USD is dropping after the RBA decision and statement

2021-02-02 • Updated

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Ichimoku Kinko Hyo

AUD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

XAG/USD: Silver after yesterday’s rally is trading above 38.2% retracement area.

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EU Market View

Asian equity markets advanced after the firm handover from Wall St with the resurgence led by the tech sector. European stock markets are seen opening higher Tuesday, helped by signs of progress towards further U.S. stimulus, while concerns over volatile retail-led trading receded. U.S. President Joe Biden sat down late Monday with a group of ten Republican senators to discuss their proposal of a scaled-back Covid-19 stimulus package, in a welcome sign of bipartisan co-operation in Washington.

That said, Biden insisted on keeping the $1.9 trillion price tag that he proposed in January, saying that the downsized effort does not go far enough to solve the coronavirus crisis. And senior Democrats later filed a joint $1.9 trillion budget measure in a step toward aimed at bypassing Republicans.

Oil prices pushed higher Tuesday, helped by newswire reports that the major oil producers have shown restraint in terms of production levels in January even as prices rose.

Looking ahead, highlights from macroeconomic calendar include Eurozone GDP, OPEC JTC meeting, Fed's Kaplan, Williams, Mester, speeches.

EU Key Point

  • Silver in retreat, falls by 4% back below $28.
  • EU's von der Leyen: Target is to vaccinate 70% of adult population in Europe by summer.
  • Germany reports 6,114 new coronavirus cases, 861 deaths in latest update today.
  • The Reserve Bank of today Australia said the cash rate is not expected to rise until 2024.

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