USD moves lower after US equity indices advance

USD moves lower after US equity indices advance

2020-11-09 • Updated

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Ichimoku Kinko Hyo

CAD/JPY: The pair is trading above the cloud. Further bullish pressure will lead the currency pair to retest the previous highs.

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Fibonacci Levels

 XAU/USD: Gold achieves another full retracement. Gold bulls control market as USD losses strength.

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European Market View

Stocks surged, oil prices jumped and the US dollar lost strength on Monday as expectations of fewer regulatory reforms and more monetary stimulus under US President-elect Joe Biden supported risk appetite. The Democratic candidate's election victory was already largely priced in by markets, which had been trading with the view of a Biden presidency and a Republican-controlled US Senate since last week.

EU Key Point

  • Germany reports 13,363 new coronavirus cases in latest update today.
  • US equity index futures skyrocket.
  • China is beginning to hint at an exit from stimulus.
  • BOJ Summary says need to avoid prematurely ending easy monetary policy.

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