This is what you need to know to trade today Monday, November 23:
Hopes for coronavirus vaccine distribution are boosting markets and weighing on the safe-haven U.S. dollar. The British pound stands out with a breakout to the upside, also amid optimism around Brexit, while cryptocurrencies advance. Developments around COVID-19 and Markit’s PMIs will draw the attention of investors.
The Group of 20 (G-29 leaders) pledged to quickly provide immunization to the world. The United States may begin inoculating citizens in mid-December, the United Kingdom could begin next week, and Spain announced an ambitious plan to distribute the vaccine.
GBP / USD has stood out with a breakout above the 1.33 level also due to news in the British press that a Brexit deal is imminent and “95% done”. Negotiations resume on Monday. Finance Minister Rishi Sunak has pledged to refrain from austerity measures in the next budget.
The only disappointment for the pound is the prospect of stricter localized measures once the national blockade expires on December 2. Markit’s preliminary PMI purchasing managers indexes for November are expected to show moderate declines.
American politics: President Donald Trump has failed to move forward in his bid to override the election. Georgia certified the results while a Republican judge in Pennsylvania dismissed a lawsuit. Additional Republican politicians are calling on Trump to back down and ensure a smooth transition.
According to the news, the president is preparing sanctions against various Chinese companies before leaving office. President-elect Joe Biden is expected to announce his election for Secretary of the Treasury during the week. Markit’s PMIs are expected to decline from the highs but remain in expansion territory.
COVID-19 Hospitalizations in the US They have reached a new peak of more than 83,000, as Los Angeles County is prepared to impose additional restrictions. Americans are gearing up for Thanksgiving later in the week.
It is expected that Eurozone PMI show a drop in activity due to lockdowns, with a significant blow to the service sector. The EUR / USD has been moving towards 1.19.
The cryptocurrencies They’ve been on the move over the weekend, with Ripple’s XRP and Ethereum catching up on Bitcoin. The granddaddy of digital currencies is trading above $ 18,000.
The oro remains stable above $ 1,870 and oil prices extend their gradual rise, with the WTI approaching $ 43.
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