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The dollar continues to recover, but it looks like there are no further purchases yet. It remains one of the weakest of the week along with Sterling. The Aussie and New Zealand dollar are also losing some of their gains this week. The US Senate and House of Representatives have confirmed the victory of President-elect Joe Biden in the presidential election.
However, the markets are not yet very responsive to the news. At the moment, European stocks are mixed, while the DOW may extend the record with a stronger opening. There is also a little reaction to the pile of data released from the US, Canada, the Eurozone, and the UK.
The number of initial applications for unemployment benefits in the United States for the week ended January 2 fell by 3 thousand to 787 thousand, which is below expectations of 798 thousand. The four-week moving average of initial claims fell by -18.8 thousand to 818.8 thousand. For the week ended December 26, the number of ongoing claims fell by -126 thousand to 5072 thousand. The four-week moving average of ongoing claims fell 177,000 to 5,274,000.
Also, the published US trade deficit widened to -68.1 billion dollars in November, higher than expectations of -64.5 billion dollars.
Canada’s trade deficit narrowed to -3.3 billion Canadian dollars, less than the -3.6 billion Canadian dollars forecast. The next step may come after tomorrow’s nonfarm employment report.
Modest Dollar’s Gains Following Wall Street Rally
The dollar continued to rise on Thursday, but lost profit in the middle of the American session and gave up slightly. Despite recent gains, the dollar remains the weakest currency across the board.
Wall Street continued its latest rally, with three major indices posting intraday gains and hitting new all-time highs. The yield on US Treasury bonds continued to rise, with the yield on 10-year bonds exceeding 1.09%.
Investors are still hoping for an economic recovery in the second half of the year amid coronavirus immunizations. Vaccination began hard but gradually spread throughout the world. Monetary and fiscal incentives support high-yielding assets.
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