All eyes focusing on ECB and euro

All eyes focusing on ECB and euro

2020-12-10 • Updated

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Ichimoku Kinko Hyo

USD/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

XAG/USD: Silver moves above 38.2 % retracement level. It seems that gold bulls the last day lose control.

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European Market View

Asian equity markets were cautious amid headwinds from the soured mood on Wall St with the downturn led by hefty losses in the Nasdaq. The Dow cut its gains to turn negative Wednesday, as a fall in technology stocks and a lack of progress over negotiations on Capitol Hill over a stimulus relief package weighed on investor sentiment. The lack of progress on stimulus has been overshadowed by positive vaccine news. But as the rollout of a vaccine nears, Stifel said deliveries this month could fall short of target. The United States set a single-day record on Wednesday of more than 3,000 deaths linked to the novel coronavirus, according to a Washington Post analysis. Texas, Colorado, Illinois and Pennsylvania led the way, with each state reporting more than 200 deaths

ECB knows that only monetary policy won't be the answer to boosting inflation back to target levels and fiscal action is needed as well. Euro has been one of the best performing major currencies, having appreciated 8% against the Dollar so far while rebounding 14% from the March lows. 

Looking ahead, highlights rom macroeconomic calendar include UK GDP and output data, Swedish inflation, ECB rate decision & press conference, US CPI, IJC, EU Council Meeting, BoC's Beaudry, FDA EUA meeting

EU Key Point

  • UK's Raab: Never say never, Brexit talks could continue after Sunday
  • UK October monthly GDP +0.4% vs 0.0% m/m expected
  • EU leaders reportedly won't debate on Brexit at the summit today
  • Germany reports record 23,679 new coronavirus cases in latest update today

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Nasdaq 100 (US100): Toward 17750
Nasdaq 100 (US100): Toward 17750

Bullish Scenario: Buy between 17515 and 17600 with TP1: 17681; TP2: 17720 intraday, and TP3: 17750 / 18000 in extension. Bearish Scenario in case of breaking the buying zone: Sell below 17500 with TP1: 17469; TP2: 17421, and TP3: 17358 in extension.

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