Fresh positive news – support for British Prime Minister Boris Johnson from the Conservative Party. On Tuesday, party officials said the deal “upholds UK sovereignty” and asked the House of Commons to vote in favor of it.
The year is not ending as badly as it could. The global stock index MSCI AC World showed an increase of 14% over the last month, and the overall growth after falling in March was almost 68%. Markets are now focused on the economic recovery and soft monetary policy is supporting the bulls.
Things can be tricky in the foreign exchange market. The euro continues to fluctuate around annual highs. Sterling is in no rush to renew its highs for the month following the EU-UK deal. The euro is also bouncing off its records. Traders continue to assess the consequences of the withdrawal, and not everything is cloudless here. European logistics companies are canceling contracts for the transport of goods, fearing the return of empty ones after January 1.
Stock markets continue to rally amid approval of the Covid-19 vaccine developed by AstraZeneca and the University of Oxford. The move will help the UK increase vaccinations from Monday next week.
Dollar Sellers Return to the Market
The dollar remained under selling pressure. The Aussie, euro, and loonie all hit new yearly highs versus the battered dollar, although the general currency retreated ahead of the close. Commodity-pegged currencies are the strongest, helped by the positive Wall Street results as US indices flirted with record highs.
As the end of the year approached, the dollar sell-off accelerated again. While US stocks sighed overnight, Asian markets, except Japan, are still buying solidly. While the euro is strong against the dollar, it is mixed against other major European currencies. Meanwhile, the loonie is lagging behind the Aussie and the kiwi in current risky buying. Gold and oil also remain in a limited range.
EU-China investment deal reportedly ongoing; potentially the agreement could be announced later. We remind you that the deadline for the current round of negotiations is not far off.
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