Markets Closing 2020 on a Bullish Foot - Forex News by FX Leaders

Markets Closing 2020 on a Bullish Foot

Posted Thursday, December 24, 2020 by
Skerdian Meta • 1 min read

This year has been great regarding volatility across all markets. The forex market was shaken by the coronavirus outbreak in March, but then the price action was provided mainly by the USD, which has been declining pretty fast since then. The volatility continued until this week, but don’t expect much today, considering that Europe has already closed.

The economic data is very light, with only Canadian building permits to be released later on. Crude oil was headed  towards the major level of $ 50, but it went through a big pullback last week, after comments suggesting that Russia wants the production quotas to be increased by another 500k barrels/day next year, on top of the previous 500k agreed by OPEC+.

The stock markets also went through a major crash early this year, due to the coronavirus panic, but reversed back up and they have been bullish since then, as governments and central banks keep pumping cash into the global economy, which keep stocks increasing. Cryptocurrencies have also benefited greatly from all this uncertainty and are shifting their status to that of safe havens. So, everything is ending the year on a bullish foot, apart from the USD.

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