MarketDeal24.Com – Corona virus situation and vaccine news will play an important role in the market today. A few ECB officials will speak in Europe today.
The U.S. retail sales report for October will be released today. This will show how the increase in viral infections has affected the American people.
The value of risky assets rose yesterday as positive news about vaccine production emerged. Yields, known as safe haven and equity , have risen in value. The vaccine has had a positive impact on the market amid an increase in the number of coronaviruses in the United States and fears of a lockdown. German Chancellor Angela Merkel is trying to impose tougher sanctions, and Sweden has already been locked down.
Brexit is being discussed between the UK and the European Union, and the value of the pound has risen since a British newspaper reported that a UK negotiator had informed Prime Minister Boris Johnson that an agreement with the European Union was about to take place.
Meanwhile oil prices have risen as the market expects OPEC + to reduce their production. OPEC + ‘s technical committee has told oil ministers, including OPEC, to suspend oil production growth for another six months in January 2021.
Yesterday we said that there would be news of more positive vaccines this week and yesterday we saw the news published by Moderna where they mentioned that their vaccine is 94.5% successful in preventing corona and this vaccine will protect people from corona infection.
Since Moderna and Pfizer have followed the same approach to vaccines, these results have become much more than Pfizer’s capabilities and evidence. However, the advantage of Modernna is that it can be stored at a higher temperature than Pfizer.
Last night President-elect Joe Biden unveiled his economic plan, where he made it mandatory to wear a mask nationally. Although he does not yet have the power to do so, he will be able to put pressure on the governors of various states to enforce the law.
Also included in his plan is a huge amount of incentive packages. However, the implementation of this plan will depend on the results of the two undeclared states, which will determine the power of the Senate. If the Democrats do not win two seats, the Republicans will retain their majority, and the chances of a small incentive will increase.
EUR/USD has behaved somewhat differently, but prices have fallen slightly since the announcement. The situation was similar after Pfizer’s announcement. Although the price of the pair is still above 1.18. The price of EUR/GBP has remained stable as the positive news of the virus has gone under the cover of Brexit panic.