Asian equities advanced on Tuesday and the dollar slipped, with investor sentiment supported by Chinese data and optimism about COVID-19 vaccines.
Daily Market Analysis
EUR/USD is edging higher amid the broad sell-off of the greenback and the overall risk-on sentiment. Let’s discuss what can stop its rally.
Asian equity markets were somewhat mixed as the region only partially sustained the momentum from the firm US handover.
U.S. stocks are set to open markedly higher on reassurances from the pharma sector about progress in the hunt for a vaccine to fight the Covid-19 virus.
Eurozone March industrial production comes at 4.1% vs 4.2% m/m than expected
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
Risk looking positive as we enter European session.
XAG/USD: Silver stands above the 23.6% retracement area. An indecision still exists.
GBP/USD is now poised to retest the key support level at 1.3000. Jump in for the technical analysis!
The pound has slumped against other major currencies amid fears over the no-Brexit deal. More details have recently come out over EU-UK tensions. Let’s get into them straight away.
ECB President Lagarde offered EUR/USD a free pass to head higher.
ECB September forecasts see higher inflation in 2021, Lagarde says that there is no need to overreact to euro gains.