Rally continues in US indices, despite yesterday's drop.

11/02/2021

US indices seem to be back in the rally-mode, and the Nasdaq 100 index was up 0.25% during the London session, jumping back above the 13,700 USD level.

Yesterday's steep sell-off proved only short-lived, and with this ongoing rally, traders need to get used to some spikes in volatility. However, medium and long-term trends remain bullish as long as there is so much money printing by the Fed and the US government. 

Market participants will focus on today's US jobless claims, which are expected to improve slightly.

From other news, it looks like the USD is back in its medium-term downtrend as the EURUSD pair is advancing toward the 1.22 level and the USDJPY pair dropped back below 105.00.

Weaker greenback spurred some short covering in precious metals, but gold is still stuck below the 200-day moving average, which seems bearish. Silver appeared to be much more resilient than gold and was trading at around 27.15 USD at the last check.

Later in the day, investors will also be keeping an eye on reports from the drugmaker AstraZeneca, which has started to distribute its vaccine recently. However, the AstraZeneca vaccine is the least effective out of the "big four" vaccines.  
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