This is what you need to know to trade today Wednesday, December 8:
The growing scientific evidence that the new variant of covid Ómicron is less aggressive and therefore could represent a limited risk to the global economic recovery, continues to support market sentiment. Asian stocks followed the Wall Street rally the day before, while S&P 500 futures are up 0.40% so far.
South African hospitals continue to hint that Ómicron has milder symptoms. Additionally, a South African study showed that Pfizer’s vaccine provides partial protection against the new strain. One scientist noted: “The study shows a 40-fold reduction in the neutralizing ability of Pfizer’s vaccines versus Omicron.”
China’s political support to boost economic growth and help the struggling real estate sector The country’s optimistic tone is also intact for the third day in a row.
Risk appetite outweighed the appeal of the US dollar as a safe haven, fueling a pullback in currency pairs. US Treasury yields softened amid pre-inflation anxiety, increasing the peso on the dollar.
In this context, EUR/USD it almost tested the 1.1300 level, as the rebound extends despite mixed German ZEW data and the ECB’s speech.
The GBP/USD It is consolidating its bounce around 1.3250, as the bulls remain cautious amid the surge in Omicron cases in the UK. The country reported 101 new cases of the Omicron variant, bringing the total cases to 437 so far on Tuesday. Furthermore, the Brexit stagnation will likely limit the further rise in the pair.
The AUD/USD remains higher but remains capped below 0.7150 despite the yuan reaching three-year highs against the US dollar.
The USD/JPY it is battling 113.50 amid softer returns and a dollar. The USD / CAD is posting small gains around 1.2650 amid a pullback in oil prices. WTI, before the key decision of the Bank of Canada (BoC). The BoC is expected to keep the key rate unchanged at 0.25% amid rising inflation.
US oil does not take advantage of geological tensions between the United States and Russia, especially after President Joe Biden warned his Russian counterpart of “strong measures” amid invasion fears from Ukraine.
The oro it is testing the critical barrier of $ 1,792, at new weekly highs.
The Bitcoin is battling $ 50,000, as bulls contemplate the next move amid news that Google disrupted a huge botnet used by hackers to mine crypto using the Bitcoin blockchain.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
