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Stocks retreat, pushing the dollar higher

Stocks retreat, pushing the dollar higher

January 11, 2021 07:32
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    Equities struggle amid economic and China-related concerns

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    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

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    Stocks celebrate US inflation, dollar slumps

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    Equities struggle amid economic and China-related concerns

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    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

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    Market sentiment turns cautious amid events in the US

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Home » Stocks retreat, pushing the dollar higher

Stocks retreat, pushing the dollar higher

by Stephen Soo
January 11, 2021 07:32
in Fundamental analysis
0
Stocks retreat, pushing the dollar higher


The surge in coronavirus cases globally make investors worried about the outlook for the economic recovery

Wall Street stocks finished higher on Friday despite a jobs report showed that the U.S. economy lost 140,000 jobs in December, well below forecasts for a gain of 55,000. The Dow Jones Industrial Average closed up 0.2%, the S&P 500 index added 0.55%, and the Nasdaq Composite Index rose 1.03%. For the week, the Dow gained 1.6%, the S&P 500 rose 1.8%, and the Nasdaq Composite added 2.4%.

Today in Asia, equities were mostly lower along with U.S. equity futures as investors proceeded to profit-taking following the recent rally. However, the downside pressure was limited as Biden said he’ll lay out proposals this week for trillions of dollars in fiscal support. As such, South Korea’s Kospi shed 0.12%, Australia’s S&P/ASX 200 lost 0.90%, Hong Kong’s Hang Seng edged up 0.11%, while the Shanghai Composite lost 1.08%. Japanese markets were closed for a national holiday.

European stocks opened lower on Monday, with the pan-European Stoxx 600 slipping 0.2% as a surge in coronavirus cases globally make investors worried about the outlook for the economic recovery while a downside correction in the oil market adds to the downbeat tone at the start of the week.

Meanwhile, the dollar climbed a third day against major peers, sending EURUSD below the significant 20-DMA for the first time in over two months. The euro is now below the 1.2200 figure, off fresh long-term highs registered around 1.2350 last week. if the selling pressure persists in the short term, the 1.2130 support zone will come into market focus next.

As for other markets, oil prices retreat following four days of gains in a row. However, the correction looks limited so far as the futures managed to hold above the $55 figure and trimmed earlier losses. On the negative side, surging demand for the greenback along with risk aversion could keep Brent under some pressure in the immediate term.

Tags: BRENTDOW JONESEURUSDJoe BidenNasdaqStoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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