Asian shares climbed to near all-time highs on Monday as concerns over rising COVID-19 cases and delays in vaccine supplies were eclipsed by the optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy.
Tag - metal
Asian equities were mostly positive after the stimulus-driven momentum on Wall St. which lifted all major US indices to fresh unprecedented levels.
Asian equity markets began the week indecisively as the region reflected on Friday’s US jobs release and continued tech-related losses on Wall Street.
The progress on the COVID-19 vaccines and hopes of a swift economic rebound next year added to the optimistic sentiment in the market.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Surging coronavirus cases and a stalemate in Washington over the next fiscal aid bill darkened the economic outlook in the run up to Nov. 3 presidential elections.
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Gold had to rise above $2 000 after the poor ADP report, but it didn’t. Here are 3 main resistance levels to watch out.
XAG/USD: Silver stands above the 23.6% retracement area. An indecision still exists.
GBP/USD is trading above the key pivot point level. Further bullish momentum will trigger the market to the resistance area of 1.3045.
US stocks are seen opening mixed Tuesday, with the tech sector outperforming ahead of important news from Apple and Amazon, while investors also wait for earnings from the key banking sector.