Forex Today: Markets paused, dollar remains strong

Here is what you need to know on Wednesday, November 11:

Markets stabilized on Tuesday with the greenback giving up some ground, but holding near weekly highs against most of its major rivals. The EUR was the weakest, amid dismal German data, while the Pound was the stronger, underpinned by UK employment figures.

The US post-election euphoria faded, although tensions remain. President-elect Joe Biden outlined plans for his government, while current President Trump remains confident he will stay in the White House, proceeding with legal actions in some states. News agencies reported that the Biden transition team is considering legal action as a federal agency refuses to acknowledge the results of the election and grant full access to other agencies and funding.

Enthusiasm for a coronavirus vaccine also faded, as despite hopes persist, the world keeps reporting roughly 500K new COVID-19 cases per day, with over one-fifth of those cases coming from the US. Europe figures are also worrisome, not only because of the rise in contagions but also because the death toll in Italy, Spain, and the UK has reached levels not seen since the first months of the pandemic. Meanwhile, tests of the Chinese SINVOVAC vaccine in Brazil had been suspended, after one participant died.

Asian and European indexes closed with gains, but Wall Street ended mixed, with the DJIA up but the Nasdaq down over 1%. US Treasury yields edged marginally lower but held at levels that were last seen in March.

Gold recovered some ground, but remain near the lower end of its Monday’s range. It’s finishing the day at around $1,878 a troy ounce. WTI, on the other hand, kept recovering and surged above $41.00 a barrel.

Cryptocurrencies Price Prediction: Bitcoin, Cardano & Compound – American Wrap 10 November