Market News Today USD dipped from 3-mth highs, USDIndex down (from 93.18 to 92.80) as Equities bounce back, recovering all of Monday’s fall on the back of strong Earnings (+0.8% & VIX back to 20.00). Yields recovered to 1.28% (20yr auction filled at 1.89%). Virus concerns continue to weigh. OIL Inventories +2.4m vs -4.6m expected, USOil futures touched $70.00, Gold back under $1800. OvernightJPY closed until Monday, shares in Asia struggled to follow US higher, AUD trade & Confidence data mixed. (50% of popn. remain in lockdown).

European Open – DAX and FTSE 100 futures are up 0.3% and 0.2% respectively, U.S. futures are also slightly higher, so the positive momentum that dominated yesterday’s session remains in place, albeit with a slightly more cautious tone to start the day. In FX markets EURUSD is little changed at 1.1793, Cable at 1.3719. Earnings reports helped to underpin stock market sentiment on Wednesday and company news will remain in focus today, but for the Eurozone, the main item on the agenda is the ECB policy meeting.

ECB Preview – The central bank is expected to keep overall settings unchanged, but Lagarde has hinted that the forward guidance will be tweaked following the change in the inflation target and markets are hoping for a commitment to ongoing support beyond the immediate crisis phase. So the meeting is now of more significance and LIVE….

Today – The ECB policy announcement, US Weekly Claims & EZ consumer confidence, and Earnings from Abbot Labs, Blackstone, AT&T, Intel, Snap & Twitter.


Biggest FX Mover @ (06:30 GMT) AUDCAD (+0.35%). Bounced from 13-mth low at 0.9216 yesterday to 0.9267 highs earlier. Breached 21EMA earlier, faster MAs aligned higher, RSI 53 and rising, MACD signal line & histogram rising but significantly below 0 lines. H1 ATR 0.0010, Daily ATR 0.0061.

Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.

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EUR/USD clings to 1.18 ahead of all-important ECB meeting

EUR/USD is hovering around 1.18 as the clock ticks down to the ECB's first policy announcement after unveiling its more dovish strategic review. ECB President Lagarde is set to make changes to communications and perhaps to policy. Covid headlines are eyed.


GBP/USD jumps to 1.3750, dismissing Brexit, covid concerns

GBP/USD is trading around 1.3750, extending its rebound from five-month lows. Sterling has shrugged off a growing EU-UK row over the Northern Irish protocol and persistently high covid figures in the UK.


Gold awaits acceptance below $1795 for further downside, ECB in focus

After peaking at $1814 in the Asian trading, gold price remained heavy for the most part of Wednesday, falling as low as $1795 before recapturing $1800 on closing. Daily technical setup continues to flag bearish risks for gold.

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SafeMoon price is currently attempting to push toward the range low in hopes of reclaiming it. If successful, the bulls need to set up a higher high to trigger an uptrend.  While not impossible, an ascent in the market value of SAFEMOON will likely face delays.

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ECB Preview: Three reasons why Lagarde could hit the euro when it is down

Sell low, cover even lower – that could be the best strategy for trading the European Central Bank's upcoming decision with EUR/USD. While the common currency has been holding up better than some of its peers, this could be due to pre-ECB tensions rather than any material advantage. 

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