GBP/USD Steadily and Patiently Gains

GBP/USD Steadily and Patiently Gains

2020-11-18 • Updated

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Ichimoku Kinko Hyo

EUR/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 is trading at 38.2% retracement area. Bulls have failed to stand above 50% retracement area.

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EU Market View

Global shares stepped back on Wednesday as soft U.S. retail sales increase worries that rising coronavirus cases could stifle a still fragile economic recovery, dampening the euphoria from vaccine trial breakthroughs. Asian equity markets traded mostly higher as the region attempted to pick up from the weak handover from Wall Street. House Speaker Pelosi and Senate Minority Leader Schumer sent Senate Majority Leader McConnell a letter calling to start negotiations on COVID-19 relief this week. Looking ahead, highlights from macroeconomic calendar include UK, Eurozone(final) and Canadian CPI, US Housing Starts, DoEs, BoE’s Haldane, Fed’s Evans, Williams, Bullard & Kaplan speeches.

EU Key Point

  • USD/JPY eases just below 104.00 as risk off gains ahead of European trading
  • Tokyo reports record 493 new coronavirus cases
  • Germany reports 17,561 new coronavirus cases in latest update today
  • Bank of Japan Governor Kuroda won't be ending easing policy soon

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