
Asian equity markets mostly lacked firm direction as bourses took their cue from the rangebound session in the US where tech losses were offset by cyclicals.
2020-11-25 • Updated
NZD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAG/USD: Silver after a remarkable sell off is trading significantly lower below the 23.6% retracement area.
The global stock market rally weakened overnight after US markets soared to record highs on hopes for a vaccine-driven economic rebound in 2021. ECB warns that the banking situation in the eurozone isn't as good as third-quarter reports. Moreover, it's a heavy data day as the US moves up all of Thursday's usual releases to Wednesday because of Thanksgiving. Topping the bill, weekly jobless claims, and revised data for third-quarter GDP. The European Central Bank warned that Eurozone banks are by no means out of the woods, despite the prospects for a recovery next year.
The ECB warned in its semiannual Financial Stability Review that the risk of a broad asset price correction had risen after the rallies seen this year in markets from bonds to house prices and beyond. Crude oil continues to rally overnight, driven by the prospect of excess liquidity from central banks, but oil is also supported by hopes of a real rebound in demand next year.
Asian equity markets mostly lacked firm direction as bourses took their cue from the rangebound session in the US where tech losses were offset by cyclicals.
The dollar was down on Wednesday morning in Asia, despite caution over the new B.1.1.7 strain of the COVID-19 virus pushing investors turn toward safe-haven assets.
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