By Deepta Bolaky
Global equities pulled back from record highs following new lockdowns and restrictions triggered by the continuous surge in the number of coronavirus cases. European markets ended on a mixed note while major US equities finished in the red.
Investors were mostly risk-off in the US session and Wall Street ended in negative territory:
While tech giants like Apple, Facebook and Microsoft fell by around 1 % or more, Tesla and Amazon rose following their latest announcements:
In the FX space, the price action was also driven by the fears of slower growth following the global surge in COVID-19 cases. Major currencies were mixed against the US dollar. Safe-haven currencies advanced higher while commodity-linked currencies edged lower.
Amid a relatively muted economic calendar, the US Retail Sales stood out. Retail Sales were up by 0.3% from September 2020, and came below the expectations of 0.5% and lower than the previous month of 1.6%. Retail Sales is a leading indicator which provides a glimpse into the upcoming quarterly GDP number and helps to gauge consumer spending and the impact of COVID-19 and more nationals and localised lockdowns on businesses and consumers.
Crude oil prices pared some recent gains following the broad risk-off sentiment prevailing in the markets on Tuesday. The global surge in the number of coronavirus infections renewed fears on the global oil demand outlook. Additionally, crude oil prices were underpinned by the larger-than-expected surge in the crude oil inventory reported by the American Petroleum Institute. As of writing, WTI Crude oil (Nymex) and Brent Crude (ICE) were trading at around $41.23 and $43.75 respectively.
The precious metal remained depressed by the recent positive vaccine news and the gridlock in Washington despite the concerns on the virus front. As of writing, the XAUUSD pair is trading around $1,882.
Source: GO MT4
By Deepta Bolaky
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|Thursday, 19 November 2020
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