Dollar Pares Early Gains, Stock Market Moves Higher

Dollar Pares Early Gains, Stock Market Moves Higher

2020-09-23 • Updated

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Midday Market View

Europe's economy is stalling again as rising numbers of Covid-19 infections interrupt the return to normal life. As a result, the stocks that benefited most from the first wave post-pandemic buying are getting a new lease of life. 

Midday Key Point

  • German cabinet reportedly approves 2021 draft budget, new debt of €96.2 billion
  • JP Morgan set to move €200 billion assets to Germany in Brexit shift
  • Eurozone September flash services PMI 47.6 vs 50.6 expected

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Latest news

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On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.

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The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?

What awaits the Oil Market in February?
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Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.

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