This is what you need to know to trade today Thursday, December 3:
The US dollar remains lagging amid a combination of positive and adverse events. Coronavirus cases in the United States and worsening relations with China weigh on confidence, while encouragement and hope for vaccines increase confidence. Talks about Brexit and OPEC + and signs of the NFP are in the spotlight.
United States fiscal stimulus: House Democrats backed the $ 908 billion bipartisan aid program put forward by multiple senators. The growing chances of a deal have supported the markets. President-elect Joe Biden aims to provide more support once he takes office in January.
The oro has been consolidating its gains, trading around $ 1,832. Hopes for a deal in Washington have been propping up the precious metal.
Chinese-American relationsCongress passed a bill intensifying scrutiny of Chinese businesses and outgoing President Donald Trump is ready to sign it. This bipartisan effort is another disappointment for exchanges.
The daily COVID-19 cases in the US have reached a new high close to 200,000, daily deaths are around 2,700, close to the spring peak, and hospitalizations surpassed the 100,000 level. The bleak numbers, after a Thanksgiving-related hiatus, have dampened market enthusiasm.
The US economic calendar presents weekly Unemployment Claims, which are expected to decline after two consecutive increases. Services ISM is forecast to decline, but will continue to target growth. The employment component of the indicator will serve as a clue for Friday’s Non-Farm Payrolls.
The German Chancellor, Angela Merkel, announced that the covid-related restrictions will be extended until early Januaryas Europe’s largest economy is struggling to slow the spread of the disease.
The EUR/USD it is ignoring the news from Germany and holding onto gains above 1.21. Final Markit Service Purchasing Managers and Eurozone Retail Sales indices will come out in the morning.
View EUR / USD Forecast: Three Reasons for a Massive Breakout – Important Levels to Watch
Covid vaccine: The UK continues to prepare to inject the first Pfizer / BioNTech vaccines on 8 December. European and US regulators will give the green light later this month and Moderna’s immunization is also in the approval process.
Brexi: France warned that it can veto a trade deal if it is not satisfied with the result. Paris suspects that the EU’s chief negotiator, Michel Barnier, a Frenchman, would give too much ground to London. Intense conversations continue with fisheries, governance and a level playing field as talking points.
The OPEC + meeting resumes after delegates failed to agree on the extent of oil production cuts until 2021. WTI crude is changing hands around $ 45, steady.
The cryptocurrencies They’ve calmed down a bit, with Bitcoin consolidating around $ 19,000.
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