RISK ON Increases Momentum Despite COVID

RISK ON Increases Momentum Despite COVID

2020-11-16 • Updated

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish trend.

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Fibonacci Levels

XAU/USD: Gold during the last hours has been losing the previous gains and dropped again below the 50% retracement area.

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US Market View

Global stocks eyed a fresh record high on Monday as signs of economic recovery in Asia, recent strong corporate earnings, and hopes of a COVID-19 vaccine bolstered investor sentiment. US stock futures in turn pointed to a positive start for Wall Street later in the day. The prospect of economic recovery also helped oil prices strengthen, with both Brent crude futures and West Texas Intermediate up around 1%, just off their intraday highs. The number of new cases across the US rose on Friday to a daily record of over 177 000, the fourth straight day an all-time high was set, according to a Reuters tally of figures from US public health agencies. Governors in several states, including California, Oregon, and Washington have urged residents to avoid traveling out of state, amid concerns that the coming holiday travel season would accelerate already alarming spikes in infections and hospitalizations. Since the pandemic began, the virus has infected 10 690 665 people in the US, killing 243 580 of them, according to a Reuters tally.

USA Key Point

  • The CAD is the strongest and the JPY is the weakest
  • New Jersey set to announce new indoor restrictions
  • Moderna reports that the coronavirus vaccine found to be 94.5% effective
  • Bundesbank warns that the German economy could stagnate or shrink in Q4 this year
  • It is getting terribly late and maybe too late already for a Brexit deal, says EU official

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