Equities Shine on More Promising Vaccine Trials

Moderna Follows Pfizer in Reporting Vaccine Effectiveness

The US dollar traded lower against the majority of the other G10 currencies on Monday and during the Asian session Tuesday. It lost the most ground versus SEK, NOK, AUD and NZD, while it underperformed the least against JPY and EUR. The greenback eked out some gains only versus CHF and GBP.

S&P 500 — Technical Outlook

The S&P 500 continues to run above its short-term tentative upside support line taken from the low of October 30th. Yesterday, the index found resistance near the 3640 barrier. We are currently seeing a slight correction on the cash index, however, if the price remains above that upside line, we will continue targeting the upside.

GBP/USD — Technical Outlook

Although we have recently seen a small setback on GBP/USD, the pair continues to balance above its short-term upside support line drawn from the low of November 2nd. As long as the rate remains above that upside line, we will stay bullish, at least with the near-term outlook.

As for the Rest of Today’s Events

We get the US retail sales and industrial production, both for October. Both headline and core sales are forecast to have slowed to +0.5% mom and +0.6% mom from +1.9% and +1.5% respectively. With regards to the industrial production, it is expected to have rebounded 1.0% mom after sliding 0.6%. The API weekly report on crude oil inventories is also coming out, but as it is always the case, no forecast is available.



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