Markets are edging lower and the safe-haven yen is in demand as the increase in coronavirus cases outweighed vaccine optimism again, and central bankers also expressed caution. Bitcoin surges above $18,000 while optimism about Brexit is keeping the pound bid.
COVID-19 figures continue rising all over the world. US hospitalizations hit a new record above 76,000, Germany reported 305 deaths, the highest since April, and infections have hit the two million mark in France. Cases are rising in Japan and Southern Australia imposed restrictions following an increase there.
EUR/USD rose above 1.1850 despite hopes on the coronavirus front, while GBP/USD gained some strong positive traction on Wednesday and climbed beyond mid-1.3200s. USD/JPY slid below the 104.00 mark, over one-week lows.
WTI Oil currently trades near $41.41 per barrel, representing a 0.10% decline on the day. A bigger-than-expected build in U.S. crude stocks and weaker U.S. retail sales stoked fears over fuel demand, although hopes that OPEC and its allies will delay a planned rise in oil output lent support. Gold held well within Monday’s $1865-$1899 range today, having faced rejection once again just below the $1,900 level.
Final eurozone inflation figures for October will likely confirm the drop of 0.3% in the headline Consumer Price Index. US Building Permits and Housing Starts are eyed in the US on Wednesday. However, the focus is on the virus and central banks.
Virus Continues To Weigh Despite Covid-19 Vaccine Breakthroughs
Published on 2020-11-18 08:44
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