Wednesday, November 18, 2020

Asian market is open, where do you want your position to be?

The greenback dollar again gained ground at the opening of the Asian session when equities slumped lower after witnessing the release of weaker than expected US retail sales data.

Retail sales posted weak growth with a 0.3% increase in October rather than the 1.6% recorded in the previous month, showing signs of weakness in US usage.

The dollar index, which measures the strength of the greenback dollar against a set of major currencies, was trading up at 92.49.

The increase in the level of admission to hospitals and new barriers in several areas due to Covid-19, as well as the new surge in cases in Japan, South Korea and Japan has extinguished the market's appetite for vaccine availability.

The Aussie dollar shrank lower than the nearly 2 month high stage it reached in the previous session, while the New Zealand dollar was trading steady at 0.6870 against the USD.

US Federal Reserve (Fed) chairman Jerome Powell informed Tuesday that the road to economic recovery "is still far away".

The euro currency also shrank but remains stable above the price level of 1.1800 against the USD amidst the lack of major investors that could affect the movement of the euro.

The eternal pound strengthened on the back of hopes that the UK and European Union (EU) will be able to reach a trade agreement as soon as possible next week.