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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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    Stocks retain bullish bias, capping dollar’s recovery

    Risk demand wanes across the markets, dollar edges higher

    Geopolitics pushes global markets south, dollar bulls back in the game

    Stocks retain bullish bias, capping dollar’s recovery

    Markets struggle for direction, dollar steady after gains

    Stock market rally continues, pressuring the dollar

    Risk sentiment looks mixed, dollar retreats marginally

    Equities in positive territory ahead of the weekend, dollar lags

    Stocks making recovery attempts, markets remain unstable

    Markets indecisive as recession fears persist

    Global stocks in recovery mode but still cautious

    Global stocks back under pressure after short-lived relief rally

    Equity markets mixed, focus shifts to Blinken-Lavrov meeting

    Markets enjoy recovery but risks persist

    Global stocks struggle after a bearish week

    Markets relatively steady to start the week

    Risk sentiment keeps deteriorating, dollar climbs

    Markets get steadier ahead of the weekend, dollar recovers

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  • FUNDAMENTALS
    Stocks retain bullish bias, capping dollar’s recovery

    Risk demand wanes across the markets, dollar edges higher

    Geopolitics pushes global markets south, dollar bulls back in the game

    Stocks retain bullish bias, capping dollar’s recovery

    Markets struggle for direction, dollar steady after gains

    Stock market rally continues, pressuring the dollar

    Risk sentiment looks mixed, dollar retreats marginally

    Equities in positive territory ahead of the weekend, dollar lags

    Stocks making recovery attempts, markets remain unstable

    Markets indecisive as recession fears persist

    Global stocks in recovery mode but still cautious

    Global stocks back under pressure after short-lived relief rally

    Equity markets mixed, focus shifts to Blinken-Lavrov meeting

    Markets enjoy recovery but risks persist

    Global stocks struggle after a bearish week

    Markets relatively steady to start the week

    Risk sentiment keeps deteriorating, dollar climbs

    Markets get steadier ahead of the weekend, dollar recovers

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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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