Equities Hold Bid; Dollar Remains Weak

www.investing.com/analysis/equities-hold-bid-dollar-remains-weak-200545017

By Boris Schlossberg | Nov 18, 2020 05:50AM ET

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Nov. 18 Market Drivers

Markest edge higher
Dollar remains weak
Nikkei -1.10% Dax 0.26%
UST 10Y 0.86
Oil $41.88
Gold $1879/oz.
BTCUSD $8000/oz.

Asia and the EU

EUR CPI 0.2%

US

USD Housing Permits 8:30
CAD CPI 8:30

Markets saw a slight risk-on bid as the night progressed in early European trade with stock indices higher by about 20 basis points while the dollar remained weak across the board.

There was no fresh newsflow as markets grappled with familiar themes of Brexit negotiations, rising COVID counts, and the need for more fiscal stimulus across the G-3 universe.

To that end, the prospects of stimulus dimmed a bit on both sides of the Atlantic as Hungary and Poland vetoed the proposed EU rescue package over contract language that demanded adherence to the rule of law while in the US the chance of a lame-duck session deal appeared to be nil with both parties now squarely focused on the runoff in Georgia.

Still, the markets remain confident that stimulus is coming at the start of next year and risk continue to hold bid as a result of that assumption.

On the economic front, the calendar remains quiet with just US housing data on the docket. Both building permits and housing starts are expected to increase given the surge of demand for suburban real estate and low-interest rate prices.

Speaking of yields the 10 year has back off its rally towards the 100 basis point mark and is now trading at 83bp. Fixed-income traders remain far more skeptical about the prospect of a quick vaccine fix and resurgence of demand and that ironically is providing a bid for equities as yields remain supportive.

For now, the markets are happy to remain in a state of equilibrium as they await new policy moves from the Biden Administration and equities may be content to trade in a narrow range for rest of the day barring any exogenous shocks that could affect price.

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Central Banks

Interest Rates

Next Meeting

FED

5.50%

Dec 13, 2023

ECB

4.50%

Dec 14, 2023

BOE

5.25%

Dec 14, 2023

SNB

1.75%

Dec 14, 2023

RBA

4.35%

Dec 05, 2023

BOC

5.00%

Dec 06, 2023

RBNZ

5.50%

Feb 28, 2024

BOJ

-0.10%

Dec 19, 2023

CBR

15.00%

Dec 15, 2023

RBI

6.50%

Dec 08, 2023

PBOC

3.45%

BCB

12.25%

Dec 13, 2023

US 30	35,707.0	+276.6	+0.78%
US 500	4,555.6	+5.0	+0.11%
Dow Jones	35,708.10	+277.68	+0.78%
S&P 500	4,554.13	+3.55	+0.08%
Nasdaq	14,232.84	-25.65	-0.18%
S&P 500 VIX	13.11	+0.13	+1.00%
Dollar Index	103.364	+0.688	+0.67%

Crude Oil WTI	78.88	+1.02	+1.31%
Brent Oil	83.79	+0.91	+1.10%
Natural Gas	2.836	+0.032	+1.14%
Gold	2,036.40	-10.70	-0.52%
Silver	25.128	+0.056	+0.22%
Copper	3.8273	+0.0018	+0.05%
US Soybeans	1,346.12	-0.88	-0.07%

U.S. 10Y	4.340	+0.069	+1.61%
U.S. 30Y	4.500	+0.049	+1.09%
U.S. 5Y	4.296	+0.077	+1.83%
U.S. 3M	5.416	+0.012	+0.23%
US 10Y T-Note	109.45	-0.48	-0.44%
Euro Bund	132.06	-0.66	-0.50%
10-2 Yield Spread	-38.84	+0.00	+0.00%

Apple	189.20	-0.17	-0.09%
Alphabet A	133.89	-1.10	-0.81%
Tesla	242.21	-1.93	-0.79%
Amazon.com	145.99	-0.33	-0.23%
Netflix	477.82	+0.63	+0.13%
Meta Platforms	329.81	-2.39	-0.72%
Bank of America	30.25	+0.18	+0.60%

Equities Hold Bid; Dollar Remains Weak

Nov. 18 Market Drivers

Asia and the EU

US

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