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mask Dollar Extends Fall after FOMC, Brexit Negotiations in full swing, BOE Next

17/ 12/ 2020

Dollar Extends Fall after FOMC, Brexit Negotiations in full swing, BOE Next

The dollar languished near fresh 2-1/2-year lows against its major rivals earlier today as progress toward agreeing a U.S. stimulus package and a Brexit deal boosted risk appetite at the expense of the safest assets. Congressional negotiators were “closing in on” a $900 billion COVID-19 aid bill, lawmakers and aides said on Wednesday, with the tone the most positive it’s been in months. The Federal Reserve vowed to keep funneling cash into financial markets until the U.S. economic recovery is secure, a promise of long-term help that fell short of some investors’ hopes of an immediate move to shore up a recent pandemic-related slide.

Positive soundings from the European Union on Brexit talks helped lift the British pound yesterday above to its highest level against the dollar since May 2018. The EU’s chief executive said that she could not say if there would be a trade deal with Britain but there had been progress and the next few days would be critical.

The Bank of England is in focus today, though any moves may be on hold until there is clarity on Brexit and the impact of vaccinations.


mask Dollar Steadies Amid Fresh Virus Restrictions, Stimulus And Brexit Talks Linger

16/ 12/ 2020

Dollar Steadies Amid Fresh Virus Restrictions, Stimulus And Brexit Talks Linger

It was another bullish day for the European majors on Tuesday, progress on the COVID-19 vaccine front offset negative sentiment towards a reintroduction of containment measures. Following news of Germany set for another lockdown, news hit the wires on Tuesday of a likely partial lockdown in Italy. Hopes of the EMA approving the BioNTech/Pfizer Inc. and Moderna Inc. vaccines in mid-January muted the impact of the lockdown news.

Looking ahead of the day, it’s a particularly busy day on the economic calendar, with private sector PMIs are due out from France, Germany, and the Eurozone.  From the U.S, November retail sales and prelim private sector PMIs for December will also provide direction late in the session. After the European close, the FED will deliver its last policy decision of the year. While the markets expect the FED to leave interest rates unchanged, the promise of lower for longer is likely. There may also be some optimism towards the commencement of vaccinations in the U.S. Other areas of focus will include the FOMC Economic projections, interest rate projections, and the press conference.

Away from the economic calendar, Brexit and COVID-19 news updates, and any chatter from Capitol Hill will need continued monitoring.

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