27 November 2020
Stock markets took a breather yesterday as vaccine optimism faded and the reality of new cases took over. Germany is the latest country to announce partial restrictions into 2021, as new cases there continue to rise. In addition, the results of one of the vaccine clinical trials have been called into question, raising concerns that the rollout will be delayed.
With the rise in risk aversion, the dollar was able to stabilize. However, it was unable to make big gains over the session, albeit with lower trading volumes due to Thanksgiving. If the trend continues today though, it could see greater upside movement.
Data wise, the focus is on German Imports Price Index and Eurozone’s Service Sentiment. Comments from the ECB’s Panetta could influence the euro. He is likely to talk up additional easing by the ECB in December.
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