This is what you need to know to trade today Friday the 13th of November:
Markets are on the defensive as rising COVID-19 numbers cast a shadow over the economic outlook and put optimistic data and hopes for vaccines aside. The US dollar is falling with yields, while gold is rising. The Eurozone growth statistics and US Consumer Confidence are in the spotlight.
The coronavirus cases they reached a new daily high of more than 150,000 in the US Hospitalizations exceeded 67,000 and additional restrictions are planned in major cities such as New York and Chicago. Funds flow from stocks to bonds, causing Treasury yields to drop and weigh on the dollar. The yen stands out as the beneficiary of safe haven flows, Meanwhile he gold gains ground as yields fall.
Federal Reserve Chairman Jerome Powell, European Central Bank President Christine Lagarde, and Bank of England Governor Andrew Bailey contributed to the caution by warning of the impact of the virus. While showing some optimism about the virus, all three said monetary and fiscal support is needed for some time.
Consequences of the US elections: New Republican officials are gradually acknowledging President-elect Joe Biden’s victory and / or calling for security briefings as part of his transition.
President Donald Trump is pushing for Judy Shelton’s nomination, a controversial figure who supports a return to the gold standard, the Federal Reserve. He also signed an executive order prohibiting investment in companies controlled by the Chinese military.
The Brexit talks they continue in London amid infighting in Downing Street. Dominic Cummings, a senior adviser to Prime Minister Boris Johnson, will step down at the end of the year. The EU and the UK are still at odds on fisheries and state aid.
The Eurozone Gross Domestic Product is forecast to be confirmed at 12.7% growth in the third quarter after a collapse in the third quarter.
The Consumer Sentiment Index The University of Michigan preliminary for November should show a rise, but remain below pre-pandemic levels. The survey serves as a leading indicator of expenses.
The Bitcoin has been extending its upward march, holding gains above $ 16,000. Ethereum is lagging behind, trading around $ 460.
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Credits: Forex Street
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