- S&P 500 Futures rise 10 points, or 0.30%, while extending pullback from the lowest since November 13.
- Vaccine hopes rise as Regeneron’s anti-body treatment gets FDA’s go, Pfizer up for getting UK’s green light this week.
- US President-elect Biden starts forming the team before reaching the White House.
- UK, France and Australia are among the nations likely to ease the covid-led activity restrictions.
S&P 500 Futures probe the intraday high of 3,565.88, up 0.31% on a day, amid the Asian session on Monday. The risk barometer recently picked up bids as optimism concerning the coronavirus (COVID-19) vaccine/treatments joined expected easing in the lockdown measures from the key economies.
Having heard about the 95% success rate of Pfizer’s covid vaccine and US President Donald Trump’s recovery after taking the Regeneron’s antibody treatment, news that the US Food and Drug Administration (FDA) approved the COVID-19 therapy added to the market’s optimism. Also favoring the risks could be the hints that Pfizer will get the UK’s regulatory approval by the end of this week.
Further, easing of coronavirus-led activity restrictions in the UK, France and Australia are additional positives for the risks.
It should also be noted that US President-elect Joe Biden’s activity to form the team before the current President Donald Trump accepts his defeat also favors the risk-on mood. Bloomberg recently mentioned that the Democratic member is up for announcing Antony Blinken as secretary of State while naming Jake Sullivan as a National Security Adviser.
On the contrary, a sustained rise in the US hospitalizations and the tussle between the US Federal Reserve and Treasury Department, over $500 billion’s recall by Treasury Secretary Steve Manuchin, also probes the optimists. Additionally, Brexit uncertainties and doubts over the US COVID-19 stimulus also raise worries for the market players.
That said, traders can keep their eyes on the preliminary readings of November’s activity numbers from Markit for fresh impulse. However, risk catalysts can keep the driver’s seat.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.