USD remains strong despite risk on mood

USD remains strong despite risk on mood

2021-02-03 • 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.

EURJPYM30 (11).png

Fibonacci Levels

 XAU/USD: Gold still struggling to move higher and remains below 23.6% retracement area.

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US Market View

 World shares rose on Wednesday as volatility caused by a retail trading frenzy on Wall Street subsided on expectations of tougher regulation, while optimism about U.S. fiscal stimulus also supported sentiment. The prospect of former ECB chief Mario Draghi becoming prime minister in Italy added to the cheer, along with record sales at Google parent Alphabet (NASDAQ:GOOGL) which offset a tepid reception to news that Amazon founder Jeff Bezos will step down as CEO.

 Italian bonds and stocks outperformed on expectations former European Central Bank chief Draghi could become the country's next prime minister, ending weeks of political crisis. Italy's 10-year bond yield fell more than 10 basis points to around 0.55%, its lowest in almost two weeks. It was set for its biggest one-day fall since mid-January. Italian stocks rose 2.7%, lifted by banks.

Oil prices continued their upswing, supported by an unexpected draw in U.S. crude stockpiles and a producer estimate of a global oil market deficit this year.

USA Key Point

  • Oil climbs to a fresh one-year high as OPEC committee meets.
  • ADP US January jobs report comes at +174K vs +50K than expected.
  • The NZD is the strongest and the GBP is the weakest.
  • Draghi accepts mandate to form Italian government.

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The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.

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