Positive vaccine news sends markets higher

November 17, 2020

More good news out of the US, with pharmaceutical company Moderna reporting significant vaccine results from its latest trial.

The EURUSD opened the week at $1.18391 and climbed to highs of $1.18682 mid-session. It fell to lows of $1.18134 a few hours later but managed to bounce back and pare back most of those losses. It is now trading at $1.18596. Across the channel and the GBPUSD began the week at $1.31688 and raced to a mid-session high of $1.32418. It was at lows of $1.31643 just two hours later before rebounding and closing at $1.31979. It is currently trading at $1.32195.

The Dow broke through the 30,000-barrier overnight, reaching new record highs. It started the week at 29,528.61 and dipped to a low of 29,518.06 in the first hour of trade. It rallied off those lows, peaking at 30,083.36 mid-session before closing at 29,988.44. It has come off slightly and is now trading at 29,891.30. The Dax opened at 13,171.96 and fell to lows of 13,074.10 mid-session. It then powered its way to a high of 13,278.90 a few hours later but gave up some of those gains as it closed at 13,155.11. It is now at 13,114.15.

The positive vaccine news has offered us a short-term reprieve from talking about the election stalemate. While the election remains front of mind, there is still some economic data to be released. Data published today includes:

All – OPEC-JMMC Meetings

Europe – Italian Trade Balance

UK – MPC Member David Ramsden & BoE Governor Andrew Bailey speak

Canada – Housing Starts, Foreign Securities Purchases, Wholesale Sales

US – Retail & Core Retail Sales, Import Prices, Capacity Utilisation Rate, Industrial Production, Business Inventories, NAHB Housing Market Index, TIC Long-Term Purchases


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