The British pound climbed to fresh month high following the positive comments from UK finance minister Rishi Sunak. He said that a Brexit deal was still possible, and he also pledged to refrain from austerity measures in the next budget. Meanwhile, the U.K. signed an interim trade deal with Canada on Saturday, the deal with Canada locks in existing trading rules that cover 20 billion pounds ($27 billion) of trade between the two countries.
Global stocks trading higher on Monday boosted by optimism about a Covid-19 vaccine. Moncef Slaoui, head of the US government’s virus vaccine effort, said the country might begin its vaccination programme by December 11-12.
Crude oil prices started the week on a positive note by renewed hopes that the OPEC and its allies will maintain their current production restrictions.
In the currency market, the New Zealand dollar climbed to fresh session highs supported by the strong retail sales data. The retail sales rose 28% in the last quarter following a drop of more than 14% in the previous quarter.
Gold price trading unchanged on Monday as the investors looking for fresh updates from the stimulus negotiations.
On the coronavirus vaccine front, the U.S. Food and Drug Administration issues an emergency use authorization for Regeneron Pharmaceuticals' COVID-19 antibody therapy. While on Friday, Pfizer and BioNTech SE submitted a request to the U.S. Food and Drug Administration (FDA) for Emergency Use Authorization (EUA) of their mRNA vaccine candidate.
This week the main highlights of the economic calendar will be the release of manufacturing data from the US, UK and Europe, US GDP, jobless claims, and consumer confidence. On the other hand, the investors will likely continue to keep a close watch on the UK-EU trade negotiations.
Worldwide coronavirus deaths have reached 1,393,671with more than 58.9 million reported cases. In the United States, the cases have surpassed 12.5 million with more than 262,000 deaths.
EUR/USD: The currency pair trading steady above 1.1870 supported by the weaker dollar and mixed manufacturing data from Europe and Germany.
The important levels to watch for today: Support- 1.1850 and 1.1820 Resistance- 1.1890 and 1.1930.
GOLD: The gold price trading below $1870 during the European session. Overall, the momentum remained bearish after promising developments toward a coronavirus vaccine.
The important levels to watch for today: Support- 1860 and 1854 Resistance- 1875 and 1885.
Quote of the day: The consistency you seek is in your mind, not in the markets - mark Douglas.
Read more- https://gulfbrokers.com/en/daily-market-report-214