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Old 25-11-2020, 17:02
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

Brent. November 25, 2020 Oil continues to renew highs

The oil market continues to grow, hitting multi-month highs. Brent is currently quoted at $48.50 per barrel.

Prices are supported by hopes for improved economic outlook and increased demand for hydrocarbons. Pharmaceutical companies continue to share positive news of the success of the Covid vaccines, boosting hopes for a fast global recovery and resumption of international travel.

Additional support for oil was also provided by the results of the recent US presidential election, which was won by the representative of the Democratic Party, Joe Biden. The political uncertainty surrounding the elections has significantly decreased, which has given strength to risky assets, which traditionally include oil.

EUR/USD. November 25, 2020 Euro has renewed its maximum in early September

On Wednesday morning, the EUR/USD pair rose to 1.1930, hitting the high of early September. The European currency is supported by hopes that the coronavirus pandemic will be defeated in the near future. Markets are in anticipation of the imminent production of the Covid vaccine and the recovery of the global economy.

At the same time, the pressure on the dollar came from a weaker than expected value of the US consumer confidence index from the Conference Board. In November, the indicator fell to 96.1 points against the forecast of 97.7 and the previous value of 100.9 points. The current value has become the lowest in the last three months. Such data indicate that the stability of the labor market and the general state of the economy are still far from ideal.

From such data, it can also be concluded that retail sales in December-January will be weaker than forecasts (simply due to less optimism of buyers).

An additional influence on the dynamics of the pair is provided by the news about the readiness of the administration of US President Donald Trump to begin the process of transferring power to Joe Biden.

Today you should pay attention to the block of statistics from the US: GDP for the III quarter, the volume of orders for durable goods in October, the balance of foreign trade in goods for October and the number of initial claims for unemployment benefits in October.
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