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Daily Outlook – 17 Nov. 2020
By: Andria Pichidi
Wall Street may have closed at record highs yesterday on news of a second vaccine, but trading across Asia was relatively muted by comparison. -Moderna’s announcement that its vaccine is 94.5% effective in preventing the coronavirus – The RBA’s minutes once again stressed that the bank is ready to act again. – US Treasury yields have lifted 0.7 bp t0 0.91% and Oil prices have lifted to USD 41.66. – NASDAQ lagged as stay-home shares were a drag. – Tesla Inc. shares jumped more than 10% after the announcement that the company will join the S&P index on December 21. – EU’s ambitious plans for a recovery fund were dealt a blow yesterday as Poland and Hungary blocked the EU’s next 7-year budget.
CITIBANK – US DOLLAR MAY DECLINE AS MUCH AS 20% IN 2021!
USDIndex – steadied to 92.50
EUR – failed to break 1.1860. Currently above PP at 1.1845, R1:1.1873, S1 1.1820
JPY – holds under pressure – PP 104.68, S1 104.25
GBP – got a boost – chief negotiator reportedly telling PM Johnson that landing zones are in sight Currently at low 1.3200
AUD – closed above PP: 0.7300. –R1 0.7343
NZD – Daily Morning star?
CAD – break 1.3100 on stronger Oil. Currently at 1.3078 – PP 1.3091 and S1 at 1.3046
CHF – flattened at 0.9120
BTC – Currently at 16,876
GOLD – 7th day below 20-DMA – stalled at 1890
USOil – continued to rise on the prospect of a global economic recovery. – Lifted to 42.08 yesterday. Currently at 41.27
Today – U.S. business inventories, retail sales, industrial production, trade price, ECB’s Lagarde is scheduled to speak
Biggest (FX) Mover – XPRUSD (+5.85 as off 9:50%) – Ripple had an impressive +8.4% week catching positive momentum from the Bitcoins renewed bullish momentum which is pulling altcoin prices higher. The rise of holders with coins containing large amounts of $XRP has been very apparent. Near term, momentum is high, with MACD and RSI extending northwards and MA’s pointing higher. H1 ATR 0.00447 Daily ATR 0.01297
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