EUR/USD faces further appreciation during 2021

EUR/USD faces further appreciation during 2021

2021-01-14 • Updated

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Ichimoku Kinko Hyo

CAD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

XAG/USD: Silver is consolidating below 38.2% retracement area but price action remains weak.

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EU Market View

Asian equity markets mostly lacked firm direction as bourses took their cue from the rangebound session in the US where tech losses were offset by cyclicals. US President-elect Biden is to seek a deal with Republicans on COVID-19 relief instead of attempting to push through legislation without their support, according to sources. Looking ahead, highlights from macroeconomic calendar include EZ industrial production, US CPI, ECB's Lagarde, Fed's Bullard, Brainard, Harker, Clarida speeches. The House will vote on asking Vice President Pence to remove D. Trump from the president’s office. A vote on impeachment is possible for Wednesday in the likely event of Pence refusing. Merkel warns Germany may need another 10 weeks of lockdown, while a raft of Fed speakers will flesh out thoughts of when the best moment to start tapering bond purchases may be.

EU Key Point

  • Germany December wholesale price index comes at +0.6% vs +0.1% m/m prior
  • BOJ reportedly considering downgrading view of economy amid state of emergency
  • German health minister supports that It will not be possible to lift all restrictions in February
  • Germany reports 19,600 new coronavirus cases, 1,060 deaths in latest update today

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