Euro continues to hold the upside trend after ECB policymakers may hinted any dovish signs of tweaking policies. Admittedly the euro’s recent appreciation has generated a lot of attention; it is in fact close to its historical average by most measures. In-fact ECB policymakers addressed that the exchange rate doesn’t largely influences their economic projections which gave further boost in euro. We think euro will confine in a range of 1.1750 – 1.1950 for next few weeks as mentioned in our previous reports.
US Market Falls as Tech Sell-off Resumes
The US stock market finished session deeply in the red on Thursday, 10 September 2020, as risk sentiments dented after the U.S. Senate Republicans failed to advance a new coronavirus stimulus bill and simmering tensions between Washington and Beijing. Most of sectors declined, with tech stocks being notable losers amid increasing worry on Wall Street about a tech bubble, with those stocks fuelling the Nasdaq to record highs despite the coronavirus pandemic’s hit to the economy.
US Weekly Jobless Claims Unchanged-US first-time claims for unemployment benefits came in at 884,000 in the week ended September 5th, the Labor Department revealed in a report on Thursday. The report said initial jobless claims came in unchanged from the previous week’s revised level. The Labor Department said the less volatile four-week moving average fell to 970,750, a decrease of 21,750 from the previous week’s revised average of 992,500. Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, climbed by 93,000 to 13.385 million in the week ended August 29th.
TREND : WEAK BULLISH
Time : 11/09/2020
Pivot : 1.1853
Technical View : LONG ABOVE 1.1873
Target : 1.1893, 1.1912, 1.1996, 1.2011
Technical View : SHORT BELOW 1.1833
Target : 1.1813, 1.1774, 1.1741, 1.1676