Free Trial

Stimulus Tug of War Keeps Equities Bid

FOREX

US stock markets hit new multi-week highs Thursday, extending the recent spell of strength triggered by the rally from the late September low. The prospect of US fiscal stimulus remains the focus for markets, with equities initially selling off as House Speaker Pelosi indicated she would not participate in a piece-by-piece approach to fiscal aid.

This initially sent equities lower alongside US Treasury yields and USD/JPY, but much of this price action was reversed as Pelosi stressed she still believes a bipartisan deal can be reached - despite Trump's protests earlier in the week.

Stronger oil prices kept CAD at the top of the G10 pile, dragging AUD and NOK with it. The EUR, USD and CHF were among the poorest performers.

UK GDP, industrial production from France, Italy & the UK and the Canadian jobs report are the data highlights Friday. Fed's Barkin and BoE's Haldane are due to speak.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.