U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.
US Dollar Strengthens
2020-10-26 • Updated
Ichimoku Kinko Hyo
NZD/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
XAG/USD: Silver moves below the 23.6% retracement level. It seems that silver minimized earlier losses and is ready to move higher.
US Market View
Wall Street was set to start the week on a dour note on Monday as surging coronavirus cases and a stalemate in Washington over the next fiscal aid bill darkened the economic outlook in the run up to Nov. 3 presidential elections.
New infections touched record levels in the United States recently, with El Paso in Texas asking citizens to stay at home for the next two weeks. In Europe, Italy and Spain imposed new restrictions.
US House Speaker Nancy Pelosi on Sunday said the Trump administration was reviewing the latest proposal for COVID-19 relief over the weekend and that she expected a response on Monday. Meanwhile, more than 59.1 million Americans have already voted in person or by mail as President Donald Trump and Democratic challenger Joe Biden enter their final full week of campaigning.
US Key Point
- Chicago Fed national activity index comes at +0.27 vs +0.60 than expected
- The GBP is the strongest and the CAD is the weakest
- US stocks open the week with very moderate declines
A tentative mood was seen in Asia-Pacific bourses following the flat performance on Wall Street, whilst Chinese Caixin Services PMI printed its second-highest reading in a decade.
The USD has become soft. What's the tactical outlook against its main counterparts?
Amazon's stock is calming down. Is it before a bullish storm?
The mix of economic reports from Canada and the USA will have a huge impact on the pair! Get ready with us!
GBP/USD is heading for the fifth week of gains. Will the rally up continue or stop?