Global equities hit another fresh record high on Friday over a growing optimism for a stronger economic recovery around the world despite the political unrest in the United States.
Precious Metals began 2021 with strong gains as a global surge of Covid cases and the prospects of tougher social restrictions drive investors into safe-haven metals.
The US dollar ends 2020 in a downtrend momentum against major currencies as investors move away from the safety of the greenback, betting on the global economic recovery in 2021 and the continued US fiscal and monetary policies.
The UK assets opened the week with significant losses on concerns over a fast-spreading coronavirus strain in the country and little progress on a post-Brexit trade deal.
As we are leaving behind a volatile year in the financial markets, we expect that the current uptrend price momentum in the commodity sector will continue throughout most of 2021.
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.
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