Youtrading UK
Português Español Français русский العربية
  • Markets
    • All
    • Commodities
    • Forex
    • Index
    • Stocks
    GBPUSD Technical Analysis – Potential Interim top

    GBPUSD Technical Analysis – Potential Interim top

    FTSE 100 Technical Analysis – Gains capped by inflation fears

    FTSE 100 Technical Analysis – Gains capped by inflation fears

    Gold Technical Analysis – Back on the ropes

    Gold Technical Analysis – Back on the ropes

  • Charts
  • Economic Calendar
  • World
    Markets buoyant ahead of Powell testimony

    Markets buoyant ahead of Powell testimony

    Britain’s pound today reigns over the major currencies

    Britain’s pound today reigns over the major currencies

    UK Inflation data is positive while Japan’s trade data miss expectations

    UK Inflation data is positive while Japan’s trade data miss expectations

    Brent Crude Technical Analysis – $70.00 Next Target

    Brent Crude Technical Analysis – $70.00 Next Target

  • Economy
    Central Banks are keeping to the Ultra Loose policies

    Central Banks are keeping to the Ultra Loose policies

    Markets rotate on positive US data ahead of the FOMC

    Markets rotate on positive US data ahead of the FOMC

    Dr. Copper is doing very well

    Dr. Copper is doing very well

    Early trading will be quiet as 2 largest economies are on holiday today

  • Insights
    GBPUSD Technical Analysis – Potential Interim top

    GBPUSD Technical Analysis – Potential Interim top

    FTSE 100 Technical Analysis – Gains capped by inflation fears

    FTSE 100 Technical Analysis – Gains capped by inflation fears

    Gold Technical Analysis – Back on the ropes

    Gold Technical Analysis – Back on the ropes

    EURUSD Technical Analysis – Range break in progress

    EURUSD Technical Analysis – Range break in progress

  • About Us
No Result
View All Result
Youtrading UK
  • Markets
    • All
    • Commodities
    • Forex
    • Index
    • Stocks
    GBPUSD Technical Analysis – Potential Interim top

    GBPUSD Technical Analysis – Potential Interim top

    FTSE 100 Technical Analysis – Gains capped by inflation fears

    FTSE 100 Technical Analysis – Gains capped by inflation fears

    Gold Technical Analysis – Back on the ropes

    Gold Technical Analysis – Back on the ropes

  • Charts
  • Economic Calendar
  • World
    Markets buoyant ahead of Powell testimony

    Markets buoyant ahead of Powell testimony

    Britain’s pound today reigns over the major currencies

    Britain’s pound today reigns over the major currencies

    UK Inflation data is positive while Japan’s trade data miss expectations

    UK Inflation data is positive while Japan’s trade data miss expectations

    Brent Crude Technical Analysis – $70.00 Next Target

    Brent Crude Technical Analysis – $70.00 Next Target

  • Economy
    Central Banks are keeping to the Ultra Loose policies

    Central Banks are keeping to the Ultra Loose policies

    Markets rotate on positive US data ahead of the FOMC

    Markets rotate on positive US data ahead of the FOMC

    Dr. Copper is doing very well

    Dr. Copper is doing very well

    Early trading will be quiet as 2 largest economies are on holiday today

  • Insights
    GBPUSD Technical Analysis – Potential Interim top

    GBPUSD Technical Analysis – Potential Interim top

    FTSE 100 Technical Analysis – Gains capped by inflation fears

    FTSE 100 Technical Analysis – Gains capped by inflation fears

    Gold Technical Analysis – Back on the ropes

    Gold Technical Analysis – Back on the ropes

    EURUSD Technical Analysis – Range break in progress

    EURUSD Technical Analysis – Range break in progress

  • About Us
No Result
View All Result
Youtrading UK
No Result
View All Result
Home Markets

Market optimism high ahead of ECB policy meeting

Nathan Batchelor by Nathan Batchelor
21 January 2021
in Forex, Index, Insights, Markets, World
0
Market optimism high ahead of ECB policy meeting
380
SHARES
7.6k
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Market Recap

Market sentiment is elevated on Thursday after Joe Biden was sworn in as US President, raising hopes that US stimulus will soon be on its way to the American economy. Asian markets have taken their cue from yesterday’s US trading session and are posting broad based gains today.

The Nikkei 225 traded higher by around +0.80 percent, while China’s CCI 300 is up close to +1.5 percent as the index trades near a thirteen-year high. Asian stocks are clearly hopeful for more US stimulus and friendlier Sino-US relations.

Australia released its monthly jobs report earlier this morning which showed that the Australian economy added +50,000 jobs. The headline number was in-line with forecasts but notable down on the previous months number of +90,000. The AUDUSD pair has risen after the report and is edging closer to the 0.7800 handle.

US futures are also moving higher this morning, with the Nasdaq and the S&P 500 trading at all-time highs after Wednesday’s breakout. The Dow Jones Industrial Average also trades within touching distance of a new all-time high.

The Bank of Japan kept policy unchanged at -0.10% today and noted that the central bank will not hesitate to take further action if warranted during the pandemic. Other highlights of today’s policy meeting include raising Japan’s GDP and Inflation forecasts for 2021, and notable optimism over the vaccine rollout.

Traders have bought the Japanese yen in response to the policy meeting. The USDJPY pair has broken under pivotal support, and trading around the 103.30 handle. Weakness in the greenback is also weighing on the USDJPY.

Wednesday’s Bank of Canada policy meeting revealed that the central bank was more positive towards the Canadian economy than expected. The USDCAD pair was hit hard by news and fell to a new multi-year trading low close to the 1.2600 level.

Another unexpected rise in crude oil stocks is also dragging on oil prices. This has also helped cushion the heavy sell-off in the USDCAD pair somewhat.

Day Ahead

The European session focus is going to be on the upcoming European Central Bank policy meeting as the economic docket is notably light in the run-up to the ECB decision. Headlines may come out from the EU Summit today, however, they will probably be coming out until much later today.

The central bank is expected to keep policy unchanged and expand on how they intend to enforce bond yield targeting. Rumours have been circulating all week about the ECB working on a plan on how to target EU bond yields.

Today, the euro currency is starting to firm against the greenback, however, other euro crosses are still coming under pressure. The technicals do not look great for euro crosses at the moment, so this could be foreshadowing more upcoming weakness.

Yesterday the EUR/GBP pair started to break lower, however, the down move has started to stall ahead of the ECB policy meeting. This is one cross pair keeping a close eye on today.

Sterling is starting to firm above the 1.3700 handle after yesterday’s hotter-than-expected CPI number. The GBPUSD pair has considerable scope to advance higher and could easily start to head towards the 1.4000 handle on more positive UK data.

The FTSE100, German DAX, and CAC40 are all on the rise this morning The FTSE100 looks the strongest of the indices at the moment and has scope to advance above the 6,700 level if US stocks continue to head higher later today.

Tags: AUDUSDBOJCACChina-US relationshipCrude oilDAXDOW JONESECBEURGBPFTSE100GBPUSDJoe BidenNASDAQNikkei225S&P500US stimulus packageUSDCADUSDJPY

Read also

GBPUSD Technical Analysis – Potential Interim top

GBPUSD Technical Analysis – Potential Interim top

26 February 2021
FTSE 100 Technical Analysis – Gains capped by inflation fears

FTSE 100 Technical Analysis – Gains capped by inflation fears

26 February 2021
Gold Technical Analysis – Back on the ropes

Gold Technical Analysis – Back on the ropes

26 February 2021
Stocks crash continues as bond jitters reverberate

Stocks crash continues as bond jitters reverberate

26 February 2021
EURUSD Technical Analysis – Range break in progress

EURUSD Technical Analysis – Range break in progress

25 February 2021
Euro Stoxx 50 Technical Analysis – In The Zone

Euro Stoxx 50 Technical Analysis – In The Zone

25 February 2021

Follow Us


CALL US

Categories
  • Commodities
  • Economy
  • Forex
  • Index
  • Insights
  • Markets
  • Stocks
  • World

Site Map

  • Home
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
Português Español Français русский العربية

A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!

Follow us on social media

Risk Warning

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary.

All Rights Reserved - YouTrading UK 2020

Privacy Policy and Terms and Conditions
  • Home
  • My Academy
    • Register Now
    • Login
  • Markets
    • Opening of the Week
    • Stocks
    • Commodities
    • Forex
    • Index
  • Charts
  • Economic Calendar
  • Economy
  • World
  • Insights
  • About Us
No Result
View All Result

© 2020 YouTrading UK - Leaders in Trader Training.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

Add New Playlist