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Markets Week Ahead: GBP/USD

  • December 17, 2020
    Markets Week Ahead: GBP/USD

    Equities in the US, Europe and Asia
    Pacific region aimed mostly higher this past week as the world inched
    closer towards the first doses of a coronavirus vaccine. Still, the
    tech-heavy Nasdaq Composite outperformed the Dow Jones Industrial
    Average. Investors welcomed progress from the US towards a $908b Covid
    relief package and an omnibus bill to avoid a government shutdown.To get
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      The haven-linked US Dollar largely underperformed, dipping to beyond
    2-year lows alongside the anti-risk Japanese Yen. The Euro soared as the
    British Pound wobbled on ongoing Brexit headlines. Gold prices climbed
    as crude oil reaped the benefits of an OPEC+ agreement to begin tapering
    cuts starting in January by a smaller-than-anticipated amount.
    The
    US and UK could begin distributing a vaccine, with the former looking to
    authorization from the FDA on Thursday. For the British Pound, Brexit
    talks could conclude this week after negotiations paused, opening the
    door to volatility if things take a turn for the worse. The Euro is
    eyeing the ECB rate decision where the central bank may increase
    bond-buying operations.
      EUR/USD is also facing the deadline for an
    EU (US$)2.2 trillion stimulus deal. Sentiment/consumer confidence data
    will cross the wires from the Eurozone, Germany, Australia and the US in
    the week ahead. Rising Covid cases in the latter have been prompting
    local officials to tighten lockdowns in parts of the country. Might
    fading confidence derail risk appetite?
    After the recent strength of
    EUR/USD, a period of consolidation is likely ahead of two critical
    meetings: of the European Central Bank and the European Council.
      Australian Dollar May Extend Gains Despite Escalating China Trade Tensions

      The Australian Dollar may dismiss escalating trade tensions with
    China and continue moving higher as the easing of coronavirus
    restrictions accelerates the nations economic recovery.
      S&P 500 May Be Vulnerable To a Pullback if the US Dollar Rebounds

      The S&P 500 index exhibited a strong negative correlation with
    the US Dollar over the past 12 months. A potential rebound in the US
    Dollar may derail stock markets upward trajectory.
      US Dollar Weekly Outlook: In One Word - Frail

      The US dollar is unloved, oversold and at lows last seen over
    30-months ago. At the moment there seems to be very little reason to buy
    the greenback
      Weekly Fundamental Gold Price Forecast: Can You Trust The Rebound in XAU/USD?

      Gold prices in USD-terms have rallied sharply this week, but gold‘s
    gains lagged elsewhere. Thanks in part to US stimulus talks, US Dollar
    weakness is masking gold’s own bearish underlying fundamentals.