2021-03-02 05:06:24
WEEKLY MARKET UPDATE
Tug of War between Stocks, Gold, Bitcoin, and USD - Rising Bond Yields The reopening of economies has brought forth plenty of goodies and shifted attention to the energy sector. Both the financial and stock markets are bound to benefit more. The rise in treasury yields has also increased activities in the money markets and put pressure on stocks of tech companies.
USD is once again being fueled, resulting in the plunging of gold and Bitcoin. So, at the moment, the U.S. dollar seems to be on the gaining streak.
https://www.tradingview.com/x/cp5AdEFP/
According to the February report, Joe Biden's rescue package of 1.9 trillion will be advancing to the senate this coming Friday, while the nonfarm payroll for the month of February will depict recoveries in the labor market and show how the companies are faring on.
Elsewhere, Jerome Powell will be speaking about how the economy is performing in an event that will be hosted by Wall Street this coming Thursday.
OPEC Meeting
The oil prices have maintained their highs in 13 consecutive months. So, the meeting by the producers slated for Thursday will focus on how to increase production. Of course, the objective is to optimize gain from the black gold. Last year, OPEC slashed output by 9.7 million barrels per day to try and circumvent the raging pandemic. Therefore, the output is expected to increase shortly after the meeting.
In the U.K., the budget by the finance minister Rishi Sunak will be coming up on Wednesday. In the report, he will pledge to spend more money. Perhaps he will be offering the last bit of pandemic-related support. The budget will pile pressure and lead to more borrowing and move the current budget above $418 billion (300 billion) borrowing that went to COVID 19 and tax cuts. As a result, Sunak's budget plan will greatly determine the economic recovery.
In the meantime, the PMI, inflation data, and the eurozone will give an overview of where the economy will be headed ahead of the European Central Bank's meeting in March.
7.3K views02:06
M
