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mask Markets Anticipating for AstraZeneca's Data Submission to Authorities

24/ 11/ 2020

Markets Anticipating for AstraZeneca's Data Submission to Authorities

The dollar bounced off an almost three-month low against a basket of currencies hit on Monday following optimism over another COVID-19 vaccine as the index approached a technical support level that if broken, could signal further weakness for the greenback. The dollar had weakened as risk appetite got a boost after AstraZeneca said that its vaccine could be about 90% effective and it would prepare to submit data to authorities around the world that have a framework for conditional or early approval. Investors are balancing the prospect of a closer rollout of COVID-19 vaccines against worsening U.S. economic data as a rise in COVID-19 cases again leads to business shutdowns.

It’s a relatively busy day ahead on the economic calendar for the EUR. Finalized 3rd quarter GDP and November IFO Business Climate Index figures from Germany are due out. Late in the day, ECB President Lagarde is due to speak. Any monetary policy chatter will provide the EUR with direction. There are no material stats due out from UK, leaving the Pound in the hands of Brexit and market risk sentiment. Across the Pond, it’s also a relatively busy day ahead for the U.S Dollar. November consumer confidence figures are due out late in the day. With the U.S reintroducing containment measures to curb the spread of the COVID-19 pandemic, a fall in confidence is likely. Weaker retail sales figures from last week and a further decline in consumer confidence would weigh on riskier assets. Hopes of a COVID-19 vaccine, however, should limit the damage.


mask Week Ahead | Dollar Steadies on Anticipation of Vaccine Vs. Virus Battle

22/ 11/ 2020

Week Ahead | Dollar Steadies on Anticipation of Vaccine Vs. Virus Battle

The dollar rose against major currencies on Friday such as the euro and yen, with traders consolidating positions amid competing forces that pull the currency in different directions: the surge in virus cases, on the one hand, and positive vaccine news, on the other. The possible resumption of U.S. stimulus talks for COVID-19 relief has also weighed on the dollar as a safe haven. Republican and Democratic senators agreed on Thursday to revive those discussions

Overall, the greenback ended the week on a loss against a currency basket. The week started off on a negative note for the dollar with positive news on a vaccine for COVID-19, but the market has since moved back and forth between focusing on coronavirus cases and the virus drug. “We think we are in the early stages of a recovery in the global economy and trade from the shock of the pandemic and this will further” weigh on the dollar and support the euro stated by a Senior Analyst in Wall Street.U.S. Treasury Secretary Steven Mnuchin, meanwhile, defended on Friday his decision to end several of the Federal Reserve’s key pandemic lending programs on Dec. 31, saying Congress should use the money to help small U.S. companies with grants instead.

It’s a particularly busy week ahead. Brexit, COVID-19, U.S politics, and a hectic economic calendar will keep the markets busy.

mask COVID-19 Vaccine and the EU Summit to Drive the Market

19/ 11/ 2020

COVID-19 Vaccine and the EU Summit to Drive the Market

The dollar was up on Thursday morning in Asia, clawing back gains from earlier losses. The market saw small moves as the number of COVID-19 cases globally continues to rise incessantly, and expectations of further monetary stimulus from the U.S. Federal Reserve begin to grow. Central bankers continue to offer promises of almost endlessly easy money. That, when U.S. COVID-19 infection rates are causing enough concern about growth prospects to offset vaccine news, has kept the dollar on the back foot, even as equities soften. 

Looking ahead of the day, the lack of stats will leave the EUR in the hands of COVID-19 news updates and post Brexit deal negotiation progress. Both the Pound and the EUR have stood their ground until now and expected to go higher in the coming weeks. Today’s EU Summit, not only puts the Pound in the spotlight, however, disagreements over the EU budget and Recovery Fund has also resurfaced. This is expected to be another hot topic at the Summit. On the monetary policy front, ECB President Lagarde is due to speak later today. Any chatter on monetary policy will be the main focus for market participants. The big question will be whether the ECB will hold back following positive news from both Pfizer Inc. and Moderna Inc. on COVID-19 vaccine trials. Until now, Lagarde as suggested that the ECB will deliver.


mask Brexit and Inflation Figures Put the Pound in the Spotlight

18/ 11/ 2020

Brexit and Inflation Figures Put the Pound in the Spotlight

The dollar steadied against most currencies on Tuesday as a return of coronavirus restrictions in some U.S. states and worries about a smooth transition for President-elect Joe Biden offset optimism about a coronavirus vaccine and the dollar index against a basket of major currencies stood at 92.431, it’s lowest in over a week. The euro climbed against the dollar as it was boosted on optimism over another coronavirus vaccine. Drugmaker Moderna became the second U.S. pharmaceutical company in a week to report positive results from trials of a COVID-19 vaccine.

A probable Brexit deal caused the Cable to appreciate against the dollar yesterday as trader’s awaited news on the progress of trade talks between Britain and the European Union. Britain’s chief negotiator David Frost has told Prime Minister Boris Johnson to expect a Brussels trade deal  early next week , with a possible landing zone as soon as next Tuesday. That had followed news last week that Dominic Cummings, one of the political architects of the Brexit project was set to leave the government, leading some observers to predict a greater chance of a deal. 

Looking ahead, a quiet economic calendar leaves Brexit, COVID-19, and any updates on the U.S stimulus package in focus.

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