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COVID-19 and Biden News Support Riskier Assets Ahead of U.S and German Stats

Bob Mason
·2-min read

Earlier in the Day:

It’s was a quiet start to the day on the economic calendar this morning. There were no material stats through the early part of the day to provide the markets with direction.

The lack of stats left the majors to respond to COVID-19 vaccine news and Trump’s green light for Biden’s transition.

Elsewhere

At the time of writing, the Japanese Yen down by 0.01% to ¥104.53 against the U.S Dollar. The Aussie Dollar was up by 0.32% to $0.7309, with the Kiwi Dollar up by 0.64% to $0.6968.

The Day Ahead:

For the EUR

It’s a relatively busy day ahead on the economic calendar. Finalized 3rd quarter GDP and November IFO Business Climate Index figures from Germany are due out.

With the 2nd wave of the COVID-19 pandemic hitting the Eurozone economy in the 2nd quarter, the GDP numbers will likely have a muted impact on the EUR.

The markets will be expecting a fall in the Business Climate Index in November, which should limit the downside for the EUR.

Late in the day, ECB President Lagarde is due to speak. Any monetary policy chatter will provide the EUR with direction.

At the time of writing, the EUR was up by 0.03% to $1.1844.

For the Pound

It’s a quiet day ahead on the economic calendar. There are no material stats due out, leaving the Pound in the hands of Brexit and market risk sentiment.

At the time of writing, the Pound was up by 0.07% to $1.3330.

Across the Pond

It’s also a relatively busy day ahead for the U.S Dollar. November consumer confidence figures are due out late in the day.

With the U.S reintroducing containment measures to curb the spread of the COVID-19 pandemic, a fall in confidence is likely.

Weaker retail sales figures from last week and a further decline in consumer confidence would weigh on riskier assets.

Hopes of a COVID-19 vaccine, however, should limit the damage.

At the time of writing, the Dollar Spot Index was down by 0.04% to 92.471.

For the Loonie

It’s a quiet day on the economic data front. There are no material stats due out to provide the Loonie with direction.

The lack of stats will leave the Loonie in the hands of PMI numbers and COVID-19 news updates.

At the time of writing, the Loonie was up by 0.15% to C$1.3062 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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