Bitcoin, which is the flagship cryptocurrency broke above the psychological level of $20.000 on Wednesday for the first time in history. The upside momentum continued also during Thursday’s European trading hours where the price hit a new record high of $23.700.
Optimism over COVID-19 vaccine developments led investors to rotate their funds into the growth-related energy market, sending the prices of Brent and WTI crude oil contracts to 8-month highs.
Copper is a primary industrial metal and a leading indicator of global economic health, while Gold is the exact opposite, recognized as a traditional safe-haven asset and a store of value during economic recessions.
Global equities rallied strongly at the start of the final trading week of 2020, as investors celebrate the Brexit trade agreement, the start of vaccinations in Europe.
The European Central Bank (ECB) eased its policy once again on Thursday by increasing the overall size of its Pandemic Emergency Purchase Program (PEPP) by €500 billion to a total of €1,850 billion.
The global pandemic and the economic shutdowns have been devastating to the travel sectors in 2020, but optimism surrounding vaccine developments has boosted confidence of a smooth economic reopening in 2021.
Copper, aluminium, and other industrial metals have enjoyed impressive run-ups in the second half of 2020, driven by the expectations for a full global economic recovery in 2021, the “green” investments, and supply disruptions in South America.
Forex traders are positioning their funds to more risky currencies following the latest vaccine optimism, the growing hopes for more stimulus plans, and the ongoing rally in the global stock markets and commodities.
According to sources, one of the first priority of the Biden administration will be to smoothen out trade relations with Europe. Relations with China will also improve, although we will not return to a pre-Trump era soon. Reducing trade tensions is positive for the global economy.
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