
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
India suddenly imposed trading restrictions on up to 162 shell companies. The given shocking move is considered to be a part of an intense crackdown on tax evasion as well as illegal offshore transfers.
Monday’s announcement by the Securities Exchange Board of India didn’t clarify what illegal activities the companies might have been involved in.
The restrictions suggest restricting trading in the affected companies to once a month as well as curbs in the trading of equities held by the promoters, not to mention the directors of the companies.
India’s government has been chasing companies it actually suspects of engaging in illegal transactions after the previous year’s ban on high-value currency bills, including evading taxes and "black money."
Some financial experts told these restrictions had taken market participants by surprise.
Financial experts stress that if these companies have been really practicing money-laundering, then severe penal action should be taken. On the contrary, If not, they should be immediately excluded from the list.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.
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