Forex Today: hints on economic progress coming up next
|Here is what you need to know on Monday, November 23:
The greenback retained its weak tone against most major rivals, but major pairs held within familiar levels. Market players look beyond macroeconomic data, maintaining the focus in coronavirus-related news.
Several front-runner companies developing vaccines to prevent COVID-19 have reported early results from their stage three test, providing encouraging results. Yet, at the same time, the world reported 11,752 new coronavirus deaths on Friday, making it the deadliest day since the pandemic began. Such numbers result in different restrictive measures that could be translated into a slower economic recovery yet to be seen and a steeper downturn before the comeback.
Regarding Brexit talks, European Commission president Ursula von der Leyen said on Friday that “better progress” was made, although she added that “there are still quite some metres to the finish line.” Market talks suggest that an announcement could be made this week. Hopes that the UK and the EU may clinch a trade deal underpin sterling.
US indexes closed in the red on Friday, while US Treasury yields settled near weekly lows, reflecting the dismal mood.
Gold managed to post a modest intraday advance on Friday, ending the week in the red at $1,870.00 a troy ounce. Tensions between US Federal Reserve chief Jerome Powell and US Treasury Secretary Steve Mnuchin over pandemic-relief funds.
This Monday, Markit will publish the preliminary estimates of November PMIs for several major economies, a hint on economic health.
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