Financial giants such as JPMorgan and Goldman Sachs anticipate crude oil to skyrocket as high as $100 as the global economy rebounds.
Daily Market Analysis
USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.
The dollar gains against low-yielding currencies on Wednesday, hitting a five-month high against the yen as US bond yields jumped on the prospects of further economic recovery.
The US stock market was closed on Monday for Presidents Day, but February is still on track to be the strongest month for the major Wall Street indices since November.
Walmart will report its earnings for the fourth quarter his Thursday before the markets open at 14.00 MT time (GMT+2).
EUR/GBP on track towards fresh nine-month lows. Cable stays on the hunt towards 1.4000 as the dollar keeps more vulnerable for now.
AIG reports its Q4’2020 results after February 16 midnight MT time, with the consensus expected EPS of $0.98.
World shares dipped on Friday as investors awaited progress towards more U.S. fiscal stimulus, while the dollar was set for a weekly loss.
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Asian equity markets were subdued in holiday-thinned trade and following a mixed lead from Wall Street.
US stocks are seen edging higher Thursday, continuing the recent strong rally after Fed chief Jerome Powell reaffirmed that the central bank’s monetary policy will remain supportive for some time yet.
Investors see gold as a way to hedge against this volatility due to its stability.