Important US statistics to be published today
Top daily news
The administration of the still incumbent US President Donald Trump began to interact with aides to the newly elected President Joe Biden. Gold is getting cheaper amid reducing global risks. Oil rises in price as the global economy recovers.
Forex news
| Currency Pair | Change |
| EUR USD | 0.22% |
| GBP USD | -0.05% |
| USD JPY | 0.01% |
On Tuesday, the US dollar index dropped within the neutral range, which has persisted for 4 months. The psychological support level of 92 points has not yet been broken. The incumbent US President Donald Trump's administration started to interact with aides to newly elected President Joe Biden. This increased the chances of a new Fed emission and an aid package aimed to support the US economy hit by the coronavirus. In addition, market participants appreciated the plans of new US President Joe Biden to appoint former Fed head Janet Yellen as Treasury Secretary. In their view, she supports increasing budget spending and quantitative easing programs to help the American economy. This could also be negative for the US currency. The British pound rose for the third time in a row yesterday. Investors believe in a trade agreement between Britain and the European Union. The JPMorgan Investment Bank estimates the probability of a successful Brexit at 80%.
Stock Market news
| Indices | Change |
| Dow Jones Index | 1.54% |
| S&P 500 | 1.62% |
| Nasdaq 100 | 1.31% |
| US Dollar Index | -0.2% |
American stock indices rose on Tuesday. The Dow Jones Industrial Average set a historical maximum and exceeded 30,000 points. Key statistics such as Durable Goods Orders, Q3 GDP in the 2nd Reading, Weekly Unemployment, PCE, and Michigan Consumer Sentiment are due in the US today. The forecasts are moderately negative.
Commodity Market news
| Commodities | Change |
| Brent Crude Oil | 1.3% |
| WTI Crude | 1.14% |
World oil prices are up today for the 6th day in a row. Brent peaked since early March this year (before the coronavirus pandemic). Market participants are completely ignoring the American Petroleum Institute's 3.8 million barrels increase in US oil reserves over the week. They expect increased demand as mass vaccinations against coronavirus begin. In addition, investors' expectations that OPEC would postpone the increase in oil production at the 30 November meeting are a positive factor for oil prices. Previously, production was expected to grow by 2 million barrels per day from the beginning of January 2021.
Gold Market News
| Metals | Change |
| Gold | 0.33% |
Prices for precious metals dropped significantly on Tuesday. Investors are reluctant to buy precious metals pending mass vaccination against coronavirus. Some market participants believe that the uncertainty with the Democrats' plan to allocate $3.4 trillion to support the American economy will last until January 5, 2021, when the Georgia State Senate elections are held. In their opinion, the Senate will be able to approve such a large aid package only if representatives of the Democratic Party win there.
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Author
Dmitry Lukashov
IFC Markets
Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.
