Bears Continue Dominating the Markets

27/11/2020

Bears continued to dominate the market in light of tepid economic data from Germany and a soft tone from EU indices.
 

Germany released new economic data and announced its decision to boost its borrowing to 6% of the GDP. This allowed bears to dominate major European players.
 
US markets were closed on Thursday for Thanksgiving. However, thin trading is expected to continue until the weekend. The EURUSD market showed indecisiveness as depicted by the Doji candle.
 
With everything set for Brexit negotiations to restart, the GBP is expected to show some sensitivity especially considering Michael Barnier’s warning that the EU will pull out of Brexit negotiations if the UK fails to make compromises.
 
Gold continues its decline despite doubts about the robustness of COVID-19 vaccines. It has so far fallen by 3.5% this month. Though the price remains in the bearish territory, a break of 21 moving average will open fresh opportunities for testing the old support.
 
S&P 500 futures also went down by 0.30%. Bleak jobless data that suggest struggle with labour market recovery is seen as the primary cause for this downward pull.
 
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