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FX.co ★ 20.01.2021: Global investors focus on Biden’s inauguration Сессия США (DJIA, USDX, USD/CAD)

20.01.2021: Global investors focus on Biden’s inauguration Сессия США (DJIA, USDX, USD/CAD)

Futures on the US stock indices are growing in anticipation of new corporate earnings reports from top American companies. The US dollar is trading marginally higher against a basket of major currencies, except the Canadian dollar. So, the USD/CAD pair is sliding today.

The Dow Jones climbed 0.15%. The Nasdaq gained 0.74%. The S&P 500 rose 0.33%

Today traders are alert to another portion of corporate records in the US. Today investors will get to know corporate earnings of large US banks like Morgan Stanley and Bank of New York Mellon, consumer goods producer Procter & Gamble, and United Airlines.

The stock of streaming service company Netflix jumped over 12% in the North American pre-market. Now the stock is trading at 501 dollars 77 cents per share. Netflix stock received a boost in light of the news that the audience of the TV platform had expanded beyond 200 million users in 2020.

Investors around the world are alert to the political event of crucial importance which is also the main market catalyst. Today on January 20, Democrat Joe Biden is inaugurated as the 46th US President. The ceremony is taking place at the noon according to the Eastern Time in heavily-defended Washington.

Meanwhile, the US dollar is trading quietly and mixed against the euro and the Japanese yen. The US currency is showing a muted dynamic as market participants are looking forward to Joe Biden taking office. The US currency is heading upwards with confidence against its rival currencies, thus offsetting all losses incurred yesterday. The US dollar index grew 0.12% to trade at 90.60.

Nevertheless, the US dollar is losing ground against the Canadian currency. Having shed 0.24%, the USD/CAD pair is trading at near 1.2706.

Ahead of the inauguration ceremony, the US government warned the population of possible clashes around the country. This is a negative background for markets that could dampen optimistic sentiment. On the other hand, looking back at social riots on Capitol Hill on January 6, the market gave a muted response. So, analysts make a conclusion that almost assets including the US dollar could be slightly affected in case of social unrest during the inauguration ceremony.

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