ZuluTrade Blog

Daily Market Outlook - Greenback rebounds and Oil tanks

Market View | Monday, December 21, 2020 2:51 PM GMT

The Greenback continues to bounce back after it recorded new lows on Thursday. This comes as US Congress announced its $900bn COVID-19 aid package, succeeding numerous negotiating efforts in the last months. On the other hand, USOil prices have collapsed plummeting to $46 as the UK and Europe have detected a new COVID-19 mutation which is spreading faster than the original strand.

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US news: US Congress has finally enacted the long-awaited COVID-19 relief bill. Lawmakers also passed a stopgap spending bill to avoid the shutdown of the government at midnight on Sunday. 

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EU-UK news: The EU has approved the merger between France’s Groupe PSA and Fiat Chrysler Automobiles, making it one of the largest auto-deals of 2020. In Brexit news, fishing rights still remain the hot issue between negotiations, with just 10 days before the deadline expires. 

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Corporate news: Lockheed Martin announced the purchase of Aerojet Rocketdyne, a company that specializes in rocket-engines, for $4.4bnl. In other news, Bumble, the dating app created by the co-founder of Tinder, has filed to launch its IPO in February with speculation the company is aiming for an $8bn valuation.

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Macros: Earlier today China’s Loan Prime Rate 1Y at 3.85% remained unchanged, and no other major news is expected for the rest of the day.


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