Market Drivers – European Session 27-12-2021

The market was quiet due to the Christmas and New Year holidays. The People’s Bank of China (PBOC) said on Monday that it will steadily implement a management system for real estate financing, as reported by Reuters.

The Chinese Ministry of Finance said, today, Monday, that the country will implement proactive fiscal policies next year to stabilize economic growth, pledging that the impact of this trend will be tangible quickly.

She explained that the government will launch another round of tax and fee cuts to support companies and help them make investments in infrastructure “appropriately”, according to the official statement after an internal meeting of the Ministry of Finance on the 2022 fiscal policy.

Gold prices fell in weak trading on Monday, with the dollar rebounding, although it is still hovering near its highest levels in a week, with increased demand for safe havens due to concerns linked to the pivot omicron.

And gold fell in spot transactions 0.1% to $ 1806.60 an ounce, during trading, but it remained above the $1800 level it recorded last week. And US gold futures fell 0.2 percent to $ 1807.40.

Oil prices fell in the United States on Monday, after airlines canceled thousands of flights over the Christmas holiday amid increasing cases of Covid-19, but Brent crude rose, supported by hopes that the mutant Omicron will not affect global demand.

US airlines canceled more than 1,300 flights on Sunday due to COVID-19.

The price of West Texas Intermediate crude fell 89 cents, or 1.2%, to $72.90 a barrel; During trading, US markets were closed on Friday due to a holiday.

The global price of Brent crude rose 12 cents, or 0.2%, to $ 76.26.

The Turkish lira fell after record highs over five days, disregarding the messages of reassurance from the government.

The currency fell 6.2% to 11.3399 per dollar, on a weak trading day, and since the beginning of the year, the lira has lost 34% of its value, which is the largest decline among emerging market currencies.