The European stock markets exchange grew for the most of the day of yesterday in response to news of the development of a vaccine that could counteract the effects of the coronavirus. Basically, the expectations of being closer to a possible solution to this problem have brought confidence to the European market. With this, the main European index appreciated 1.23%.
Once again, in line with what has happened in the past few days, the preference for higher risk assets in the stock market led investors to withdraw from the debt market. Debt interest rates in most European countries rose again as a result.
Along with these events, on the other side of the Atlantic, good news were released for the United States. Employment and PMI data for all sectors excluding manufacturing, both above expectations, led to the appreciation of the dollar. Therefore, with good data for the USA and a departure from the debt market in Europe, it was possible to observe the euro losing value against the dollar.
As for the EUR/GBP pair, it is possible to see a decrease in its value, largely for the same reasons that we have just mentioned. However, good results in relation to the services PMI ended up reversing the downward trend.
Oil, still in response to the meeting of the technical committee of the Organization of Petroleum Exporting Countries (OPEC) and Russia, which took place yesterday, ended up appreciating considerably.
Regarding gold, the yesterday's change in its price is no longer so obvious. Initially, we might think that a greater appetite for riskier assets would lead to a drop in the price of gold. However, what we can conclude with the asset's appreciation as of part of yesterday, is that investors are possibly taking advantage of the current low price in order to diversify their portfolios.
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