Risk appetite returned to the market yesterday after positive news about the Covid-19 vaccine pushed the stock and currency markets higher, strengthening the US dollar to a one-month low. The US Moderna company has produced an experimental COVID-19 vaccine that is responsive to the resistance of 45 volunteers, raising risk appetite sentiments. The dollar is increasingly depressed, the euro, continuing, relying on, prices ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, money , dollars, money, money, money ... However, there is still something to be agreed with the US-China and the second wave of corona viruses in the US. Florida reported 133 thousand Covid-19 infections, with more than 4,500 deaths. The dollar index declined 0.2% to 95.96.
The Canadian dollar (loonie) strengthened the US dollar after a meeting of the Board of Commissioners which defended the policy and said that the economic reduction was not as bad as feared. The Board of Commissioners will keep the interest rate at 0.25% and will continue to maintain it until 2023. The Board of Commissioners also maintains the approval of the issuance program. USD / CAD fell 0.73% to C $ 1.3512, the lowest since July 9.
The price of gold held above $ 1,800 an ounce amid a surge in corona virus cases and new US-Chinese demand that boosted safe-haven demand, but reliable stocks boosted gains. US Gold Futures advanced 40 cents to $ 1,813.80, while spot gold prices rose 0.19% to $ 1,810.89. Meanwhile, Wall Street gained thanks to positive developments from the discovery of the corona virus vaccine. The Dow Jones index rose 0.7%, the S&P 500 rose 0.86%, and the Nasdaq also rose 0.61%.
Oil prices rose yesterday after bullish data from the Energy Information Administration (EIA), even the OPEC + compilation was forced to reduce production starting next month. In its report yesterday, EIA was quoted from domestic oil up to 7.5 million barrels last week. This figure is greater than the estimated decline of 2.1 million barrels. On Tuesday, the American Petroleum Institute (API) also reported reserves of 8.3 million barrels. The EIA data was able to offset news from the OPEC + meeting, which plans to reduce production cuts next month. In its meeting yesterday, OPEC + will reduce the number of production cuts of 9.7 million bpd to 7.7 million bpd from August to the end of this year amid signs of recovery in the oil market. The price of WTI oil rose 2.3% to $ 41.20, while Brent oil gained 2.2% to $ 43.79.
Asian stocks moved horizontally in early trading today. Market participants are awaiting the release of Chinese economic data, which is expected to grow 2.2% in the second quarter, after contracting 6.8% in the first quarter. In Japan, the Nikkei 225 index fell 0.32% while South Korea's Kospi fell 0.17%. Overall, the MSCI Asia index outside Japan traded 0.08% lower.
Today's Focus: China & ECB GDP Meeting
Australia will release employment data this morning, then China will release GDP data, which is expected to grow 2.2%. This second data will be aimed at the Asian market, AUD / USD, which is sensitive to domestic and Chinese data. After that, the market will focus on the ECB meeting, which is expected to keep its policy.
[About The Author]
Fanny has started her self-learning of Forex since 2005 and has joined an Indonesian broker as a financial consultant in 2009. Through “trial and error”, she has learnt a lot from failure experiences. She is now a renowned trainers for the forex beginners and has helped the clients to get the profits from trade.
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