This is what you need to know to trade today Friday, November 20:
The US dollar is slightly lower amid a showdown between the US Treasury and the Federal Reserve over stimulus funds. Coronavirus fears and vaccine news are also stirring markets. Brexit developments are in the spotlight.
The safe haven dollar it has cut back some of its profits sparked by a rare public dispute between America’s major economic institutions. Treasury Secretary Steven Mnuchin demands that the Federal Reserve return $ 580 billion in unspent funds. The bank’s response was that the money is used as an emergency loan facility. It is not clear what the Treasury wants to do with the funds, but the open fight weighed on the markets.
Raphael Bostic, president of the Atlanta branch of the Federal Reserve, disagreed with the Treasury. Robert Kaplan, his colleague from the Dallas Fed, speaks later that day. Speculation about the Fed’s next moves is also rife.
CoronavirusThe United States hit a new daily high of 185,000 infections Thursday, and hospitalizations and mortality also hit highs. Cases remain high in Germany and are declining in France.
Vaccine: Pfitzer and BioNTech are ready to apply for emergency clearance for their immunization candidate starting Friday. The EU obtained additional vaccines from both Pfizer and CureVac.
Brexi: Conflicting headlines are shaking the pound. France and Belgium have called on the EU to step up preparations for a no-deal Brexit. On the other hand, others wait for a deal to materialize. Face-to-face conversations were suspended after a team member tested positive for coronavirus. Brussels chief negotiator Michel Barnier will brief the EU ambassador.
UK retail sales beat estimates with a 1.2% rise in October, showing British consumer resilience ahead of the second nationwide lockdown.
American politics: President-elect Joe Biden remains the winner in Georgia after the state completed a manual recount. Peach Status and additional battlegrounds are ready to certify the results. President Donald Trump summoned Michigan Republicans to the White House to try to influence the results. So far, his legal attempts have failed.
The USD / CAD it is trading below 1.31 amid a modest rise in oil prices and ahead of Canada’s retail sales report. Small increases are expected for September.
The Bitcoin has returned to the $ 18,000 level after a short period of consolidation. Ethereum has been climbing towards $ 500.
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