20 Nov

Biden Wins Georgia Recount

November 20, 2020

By Orbex

Embattled Dollar Heads for Another Weekly Decline

The US index fell a further 0.28% in Thursday’s session as the prospect of yearly lows becomes a reality.

Not only are infection numbers on the rise in the US, but so is the death toll. As a result, several states, including New York, New Jersey, and California have announced lockdown measures to prevent the spread.

America has also witnessed weak retail data this week along with rising initial jobless claims.

This will cap off a 10% decrease on the index since its yearly high, with the anticipation that this will continue into 2021.

In addition, as a Georgia audit confirmed Biden’s victory in the state, the president-elect has criticized Trump’s irresponsibility as he closes in on the White House.

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ECB Chief Tells EU Not to Delay Recovery Funds

The euro closed 0.18% higher yesterday as it once again mounted a challenge for the 1.19 handle.

The European Central Bank on Thursday urged EU leaders to pass a Recovery Fund without delay, as the continent battles the second wave of Covid-19.

Hungary and Poland are the only countries to veto the EU budget and coronavirus recovery fund, meaning that the package cannot yet be approved.

Another round of talks will now resume, in the hope that the continent can be injected with an additional €750bn.

Chief Negotiator Barnier Self-isolates

The pound ended Thursday’s session 0.10% lower as another round of Brexit talks switched to a virtual format.

The talks were suspended for a short time after one of the EU negotiators tested positive for Covid-19, forcing Michel Barnier into quarantine.

As talks stumble once again, both sides might turn to preparations for a no-deal outcome.

Indices Mixed

Wall Street remained indecisive during yesterday’s trading session.

The Nasdaq closed 0.77% up, however, the Dow fell by 1.2%.

Mixed sentiment lingers over Senator Mitch McConnell agreeing to resume negotiations with Democrats regarding a potential new Covid-19 relief bill. This breakthrough came as infection rates around the US continue to surge.

Gold Sinks Deeper

Gold closed 0.38% lower on Thursday as it entered the $1850 territory.

Even though there were no further updates to the recent vaccination news, investors looked to have already priced in the data, sending the yellow metal to almost 6-month lows.

The hope of a rise back to $2,000 now seems a world away, as risk appetite temporarily shifts.

Oil Reaches for $42

WTI ended Thursday’s session 0.10% higher as it closed in on the $42 handle.

The black gold has remained buoyant over the vaccination headlines this week, as we now enter the second half of Q4.

However, with an over supply in Libya looking likely, and demand slowing during the upcoming holiday season, will the black gold remain elevated?

By Orbex


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