Daily Market Update

Buck Quiet as November Ends

November 27, 2020

The U.S. Dollar is trading in familiar ranges as today is still a holiday for many in the U.S.

Overview

The record across stock indices started to slow down as Europe’s infection numbers remain worrisome, which is causing countries such as Germany to extend their lockdown restrictions. We may see choppy action in markets today as we get ready to enter that last month of the year with hopes that 2021 can look different.

OPEC+ and oil-producing nations are wondering what path to take with some of the countries are combatting any more oil-production cuts as their nations face serious economic struggle from the pandemic woes. We shall see if there is much in terms of influence today on CAD and MXN, but oil prices are expected to take a hit.

 

What to Watch Today…

  • No major events scheduled for today

View this month’s Economic Calendar

Holiday Hours: Weds, 8:30a – 6p EST; Thurs, Closed; Fri, 8:30a – 5pm EST
Happy Thanksgiving

EUR 

The Euro is where it left on Wednesday, around its best levels since May 2018. While the Euro has seen some gains, they could start fading away in December if the continent does not get its act together. While containing COVID remains a challenge, the biggest recently has been in trying to convince Poland and Hungary to agree to abide by EU law and order strictures.

On the other hand, the countries claim sovereignty is being breached and that they have a say, which indeed they do as their veto is withholding funds for everyone else. We shall see more on this development, but what good is a rescue fund that member nations want to combat because it means more integration?

 

CAD 

The Pound sits around its best levels in over two years. A decision was made to have a tiered restriction system for certain parts of the country, the most affected by the pandemic. December will be a test of diplomatic fortunes as we enter thicker and newer negotiations between EU and U.K. as the desperation mounts from British businesses who seek clarity and guidance.

 

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