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Indices
European markets finished the day in the green as optimism over US congress agreeing to pay $2,000 stimulus checks, rather than $600.00, helped investor confidence. Asian shares also got in on the action, as earlier in the day the Japanese Nikkei 225 index reached its highest trading level in thirty years.
Source by ActivTrader.
In the UK, the FTSE 100 rallied to a nine-month trading high, hitting 6,680, as the index surpassed the former multi-month trading high, of 6,640. UBS investment bank sent out a note to clients stating that FTSE 100 is likely to continue rallying in 2021, which helped investor sentiment towards UK stocks in general. AstraZeneca rallied sharply over renewed vaccine hopes, while GlaxoSmithKline was also another notable gainer amongst UK pharmaceutical companies.
European equities had a mixed day on Tuesday following the extremely strong weekly opening yesterday. The German DAX hit yet another all-time high earlier today, although the index failed to hold onto the earlier gains as appetite for German stocks faded during the US session. The CAC40 and FTSEMIB managed to fare better into Tuesday closing bell.
Source by ActivTrader.
In the United States the S&P 500 jumped 20 points on the open to reach another all-time high around the 3,750 level. After having a down day yesterday TESLA continued to trade in a tight range, while Amazon remained well-support above the 3,300 level after gaining over 100 points on Monday.
FX
Sterling was notably weaker on the day, and broadly struggled with the 1.3500 handle on Tuesday. Traders and investors remained somewhat cautious towards the British pound currency, as a key Brexit vote is being held on Wednesday in UK Parliament.
Source by ActivTrader.
The Australian dollar was the best performing major currency against the US dollar, gaining over (+0.5%) against the greenback on Tuesday as risk-on sentiment continued to bolster demand for commodity-related currencies.
The euro currency briefly tested the 1.2275 level, although notable selling interest around the highs of the year quickly saw the pair sold back down towards the 1.2240 region. The EURGBP pair also saw a lively trading session as both the British pound and the euro remained unusually active over the Christmas holiday period.
Commodities
Gold failed to find its groove on Tuesday and spent most of the day ranging between the $1,870 and $1,880 levels. Investors and traders were still starching their heads as gold failed to crack the $1,900 level despite the United States approving the larger stimulus checks and President Trump signing-off on the overall $900 billion stimulus package earlier this week.
Silver remained more or less unchanged on the day after bulls failed break above Monday’s high, with the metal then promptly sold back down towards the $26.00 level. Dip-buyers were lurking around the $26.00 area, and quickly scooped the metal up from key support, placing the trading low for the day around $25.96.
Source by ActivTrader.
WTI oil enjoy moderate gains on the day and appeared comfortable above the $48.00 level and looked set to recover Monday’s losses. WTI opened the month of December around $45.00, and currently remains on course to close the year down only around $3.00 away from its 2020 opening price of $51.50. Which is quite remarkable considering that it was trading in negative territory early this year, and COVID-19 is still ravaging the global economy.
