Market Update

The dollar fell on Wednesday as Democrats advanced in the run-off election that will determine who will control the US Senate and could pave the way for lavish spending under the administration of President-elect Joe Biden. The euro crossed a major resistance level, reaching a 32-month high, while the US …

A survey showed that economic activity in the Eurozone recorded a more severe contraction than previously thought at the end of 2020 and may deteriorate further with the renewal of the general isolation restrictions imposed to contain the Coronavirus, which has affected the services sector that dominates the bloc. With …

The UK services sector activity contracted more-than-expected in December, the final report from IHS Markit confirmed this Monday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised lower to 49.4 in December versus 49.9 expected and a 49.9 – December’s flash reading.

Bitcoin traded as high as $35,000 for the first time during the Asian session on Wednesday, rising to its highest level at $ 35,879, extending its rise by more than 800% since mid-March. The world’s most popular cryptocurrency crossed $ 20,000 for the first time ever on December 16.

European stocks rose on Wednesday, and sectors severely affected by the economy, such as energy and banking, gained as investors awaited the Democrats’ victory in the important run-off election in Georgia over two US Senate seats, which could lead to greater fiscal stimulus. A slight rise in the Stoxx 600 …

Japanese stocks closed lower on Wednesday, amid uncertainty surrounding the results of two-seat re-election for the US Senate in Georgia, as sentiment hurt the prospect of declaring a state of emergency in Tokyo and surrounding cities this week. The Nikkei index ended the session down to about 28 thousand points …

Oil prices surged on Tuesday, supported by a new agreement by major producers to further reduce production levels amid a new wave of the Coronavirus pandemic. The Organization of the Petroleum Exporting Countries (OPEC) and other top producers, forming an alliance known as OPEC+, reached an agreement on Tuesday to …

The gold rally continued on Tuesday with strong gains on the second session of 2021, amid increased demand amid concerns about the rising number of new Coronavirus cases in many countries. Gold futures for February delivery rose by $7.8, or 0.4%, to settle at $1,954.4 per ounce. On Monday, the …

Bitcoin has recently recorded multiple new all-time highs and now more increases by the world’s largest cryptocurrency are expected. Researchers at JPMorgan Chase expect Bitcoin could hit $146,000 in the near future, Dow Jones’s MarketWatch reported. If the largest digital currency was to draw demand away from gold investors, new …

Germany is prolonging a nationwide lockdown until the end of January 2021, introducing new preventive measures against the resurgence of new Coronavirus cases, German Chancellor Angela Merkel announced on Tuesday, Reuters reported. “We ask all citizens to restrict contact to the absolute minimum,” Merkel said. Moreover, travelers arriving in Germany …