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Breaking news

ECB leaves monetary policy unchanged

Real Time News
  • - "Don't take me literally, but it would be nice to move in tandem with the Fed" - US and Euro economy are not on the same page so this is not a possibility
  • - There is no "normal pace" of PEPP purchases
  • - Governing Council did not discuss any phasing out of PEPP - Premature to discuss tapering - Any determination of PEPP purchases is data dependent
  • - Ambitious and coordinated fiscal stance remains crucial - National fiscal policies should address vulnerabilities effectively and be temporary and targeted - Next Gen EU plan must be made operational without delay
  • - Risks to medium-term outlook are more balanced - Recovery to be driven by both domestic and global demand - Headline inflation likely to increase in coming months based on temporary factors - Temporary factors should fade out of inflation readouts by early 2022
  • - Euro-area economy may have contracted again in Q1 2021 - Data points to a resumption of growth in Q2 - Progress on vaccines should pave the way for a firm rebound in activity in 2021
  • - ECB is monitoring developments in FX rate on inflation outlook - Standing ready to adjust all instruments as appropriate to support inflation goals
  • - Financing conditions have been broadly stable recently - Risks to wider financing conditions remain despite stabilization of market rates - Will continue with PEPP purchases until at least the end of March 2022
  • - Expect a firm rebound in activity later in year - Underlying price pressures remain subdued - Preserving favorable financing conditions is essential
  • ECB's Lagarde: - Near term outlook is clouded - Persistently high rates of Covid and associated containment measures continue to constrain activity in the near term #ECB $EUR
Technical Take: USD-pairs, Gold & Silver, Crude Oil, S&P 500 & More

Technical Take: USD-pairs, Gold & Silver, Crude Oil, S&P 500 & More

Paul Robinson, Strategist

Paul conducts webinars every Wednesday, Thursday, and Friday. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.

In today’s webinar, we discussed the bounce underway in the US dollar, pointing out a short-term technical structure we’re following for guidance heading into next week. The major pairs we focused on were GBPUSD, AUDUSD, NZDUSD, and USDJPY. In cross-rate land, we looked at some of the Yen crosses, namely AUDJPY and EURJPY, and also looked at EURAUD and EURNZD.

Gold has run aground into resistance and has its work cut out if it is to continue on higher. We are still working with a bullish bottoming inverse H&S formation in silver now that it trades above the July trend-line.

Crude oil remains highly volatile from day-to-day with no broader net gain or loss. Price action over the last few weeks is working its way towards a triangle formation. The bias is for crude to move lower at some point, but we will need to wait for further developments before drawing concrete conclusions.

Global indices continue to hold a bid or better, but remain relatively choppy. The S&P 500 is at new highs but has top-side trend-line resistance nearing. The DAX is struggling, but working on coming ot of what still appears to be a correction. The FTSE is trading out of a bullish short-term pattern.

For full technical considerations, please see the video above.

Trading Ideas and Guides

---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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