Markets Buoyed by Hope for Stimulus, Silver Pulls Back, Crypto Rises

Get real time updates directly on you device, subscribe now.

Here is what you need to know to trade today Tuesday February 2:

The market mood is positive amid signs of progress in the US stimulus talks, US data updates, optimism about vaccines, and some calm around so-called “meme actions.” Eurozone growth figures and virus and vaccine headlines are in the spotlight.

The Presidente Joe Biden He held talks with a group of 10 Republican senators who offered to approve a package worth about $ 600 billion, about a third of the 1.9 trillion packages the White House wants. While both sides describe the talks as productive, it is unclear whether the Democrats will compromise or go it alone.

The the payment It has been retreating from an eight-year high above $ 30 after retail traders stacked towards XAG / USD in another attempt to squeeze shorts out, although hedge funds and bullion traders are also involved. .

The action in silver follows the battle over GameStop (NYSE: GME) seen last week. Shares of the video game company fell 30% on Monday, and short interest rates also fell. Raphael Bostic, Chairman of the Atlanta branch of the Federal Reserve, said that retail volatility “does not appear to be something that monetary policy needs to address.”

Concerns about South African variant and their resistance to vaccines decreased somewhat after Johnson and Johnson reported that while their vaccines are less effective, they prevent serious disease. Moderna, another supplier, aims to fill its vials with 15 doses instead of the current ten.

The US ISM Manufacturing Purchasing Managers Index disappointed estimates with a score of 58.7 points in January, however, the employment component increased. The American vaccination rate is accelerating.

The AUD/USD is on the defensive after the Reserve Bank of Australia left its policy unchanged, though extended its bond purchase scheme and noted that there will be no rate cut before 2024.

The EUR/USD It is slowly rising amid the risk appetite mood and ahead of the Eurozone Gross Domestic Product figures, which is expected to show a slight decline in the fourth quarter. The President of the European Commission, Ursula von der Leyen, aims to vaccinate 70% of European adults by the summer, while Germany reported fewer cases.

The GBP/USD It is also moving higher as the UK reports substantial progress in its immunization campaign.

The Bitcoin is climbing above $ 34,000, Ethereum is holding above $ 1,400 and XRP is also climbing. Ripple’s token experienced a shake-up in recent days.

.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.