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Tag - gold
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
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Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
The GBP is the strongest and the USD is the weakest.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
10-year US Treasury yields reached 1.15%, which is the highest level since March. Higher yields should increase the demand for the USD.
XAU/USD went back above $1 850 after it reversed from the 200-day moving average.
A risk on and weak dollar theme dominated markets on optimism regarding vaccines, US and UK fiscal stimulus, and Brexit, with hope an agreement on the latter can be reached soon.
The USD continues dipping, while the GBP is rising on hopes for the Brexit deal done today.
Investors continue to assess the vaccine rollout versus fears over a new virus variant. US stocks and oil slipped as Donald Trump threatened not to sign a long-awaited stimulus bill into law.