Archives of “December 2020” month

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Brexit: UK, EU press conferences likely expected around 0800 GMT today

  
  Analysis

The anticipation continues to build

Johnson and von der Leyen are reportedly expected to have one final call at 0700 GMT – most likely to make sure that their messages match up – before we get the official press conference to announce that a trade deal has been struck at around 0800 GMT.
I would expect both sides to “sell” a hard-fought victory after all the “struggles” in negotiating a compromise over the past few months/years. The details though, once they are made available in the coming days, could be a different story.
The pound is keeping higher still on the day with cable now at around 1.3560 though thin market conditions aren’t really helping to get a firm grasp of how price action is actually playing out in response to all of this.
GBP/USD H1 24-12
I would argue that the official headline later will still provide some impetus for the pound to gain but perhaps nothing too overly dramatic.
Then again, a lack of liquidity could also spark exacerbated moves and a technical break above last week’s high of 1.3624 may see a further extension.
There is also a solid argument that we could see a ‘buy the rumour, sell the fact’ reaction (instead of a relief rally) but as mentioned, the lighter trading conditions are going to make things rather tricky during this period in time.

Pres. Trump vetoes bipartisan defense policy bill

  
  Analysis

As expected. Sends back to congress

Pres. Trump has vetoed the bipartisan defense policy bill saying bill is a gift to China and Russia and also cites failure to remove section 230 which give tech platforms legal immunity for content posted by third-party users. The House and Senate each passed the legislation with enough votes to repeal a veto should the Pres. send it back to Congress.

Major indices close with mixed results

  
Analysis, US Market

Dow and S&P higher on the day. Nasdaq lower and closes near the lows. The Russell 2000 closes at a record

The US major indices are closing with mixed results. The down S&P index are closing higher on the day. The Nasdaq index is closing lower and near the lows for the day. The Russell 2000 of small-cap stocks closed at a record high.
The final numbers are showing:
  • S&P index up 2.75 points or 0.07% at 3690.01. The high price reached 3711.24. The low price was just below the closing level at 3689.28
  • Nasdaq index fell 36.805 points or -0.29% at 12771.15. The high reached 12841.92. The low was at 12758.67
  • Dow industrial average rose 114.32 points or 0.3% to 30129.83. The high price reached 30292.53. The low price extended to 30046.73
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