Positive Wednesday: Global Economic Picture Improves

Global Economic Picture Improves

Asian shares and U.S. stock futures rose on Wednesday as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programs accelerated. 

Wall Street rallied on Tuesday on renewed hopes for U.S. President Joe Biden’s proposed $1.9 trillion COVID-19 aid bill as the Senate took steps to allow Democrats to pass Biden’s package without Republican support. 

The U.S. Treasury yield curve continued to steepen in Asian trading, reflecting expectations for more fiscal spending and growing economic optimism. 

The roll-out of vaccines in many countries is gathering pace, earnings season in the United States and Japan has so far been favourable, and oil prices are at their highest in a year, which are all positive signs for the global economy. 

The dollar traded near a two-month high against the euro as investors bet that the U.S. economy will recover from the coronavirus shock faster than the euro zone. 

The dollar was little changed at $1.2038 per euro early in the Asian session, after strengthening to $1.20115 overnight for the first time since Dec. 1. 

This Week’s High Impact Events 

The times below are GMT+2. 

  • 11.30 – U.K. – Final Services PMI  

Potential instruments to Trade: GBP Crosses.   

  • 15.15 – U.S. – ADP Non-Farm Employment Change   

Potential instruments to Trade: USD Crosses.   

  • 17.00 – U.S. – ISM Services PMI   

Potential instruments to Trade: USD Crosses.  

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