The Noose Tightens Over Lending Programs

23/11/2020

US index Dow Jones settled at a lower price following the reduction in economic aid in light of rising COVID cases.
 

Senior American Politician, Steven Mnuchin decided not to extend many of the current lending programs of the Federal Government beyond the end of this year in an attempt to bring back the 455 Billion USD which had been allocated to such programs.
 
However, amidst this and investors struggling to balance their hopes for vaccine and new lockdown measures, the EURUSD managed to hold its gains below 1.1900. It will be difficult for EUR bulls to break the 1.19 level if at all. If they do manage to break it, however, then the next focus would be 1.1920.
 
Last week S&P 500 futures ended close to lows after a turbulent session of highs and lows.
 
The corona pandemic continued to remain a key driver in the past week. With containment measures likely to hit the service sector too, it will continue to influence the market and major players.
 
However, European indices performed better than their US counterparts with the CAC40 leading the way rallying 2.15% and the DAX30 gaining 0.46% while the EuroStoxx 600 gained 1.15%. Major market movers were from the auto industry including Daimler, BMW, Continental, and Volkswagen.
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