The British pound drops sharply against the EURO and the Australian dollar. Meanwhile, the Pound recovered from the early session losses against the US dollar. Overall, the momentum remains bearish throughout this week due to the post - Brexit uncertainty.
EURO climbed to the highest level in two and a half years on Wednesday supported by the weaker dollar. The US dollar struggling to find an upside momentum as the risk sentiment in global markets improves over-optimism related to vaccine developments.
Global stocks and Wall Street ended higher in November. The S&P 500 climbed 10.8% for the month, its biggest monthly gain since April. While the Dow has added almost 13% so far, which would be the best month since January 1987. The energy stocks in the S&P 500 ended November with an above 25% gain supported by the strong rebound in the crude oil prices.
Crude oil prices trading slightly lower on Monday ahead of OPEC two days of meetings that begin later today. The investors and traders eagerly waiting for the fresh updates whether the OPEC and other oil-exporting countries will extend large output cuts to balance global markets.
Hello Everyone, Happy Thanksgiving Day! We expect Trading will be thinned out next two days and liquidity is expected to remain low as US financial markets are closed on Thursday and a half-day on Friday.