FX.co ★ 27.11.2020: USD extending slide while US stocks trading higher (DJIA, USDX, USD/CAD, BTC/USD)

Futures on the US stock indices are trading higher today amid investors’ optimism about vaccines for COVID-19. The US dollar is extending a slide against a basket of major currencies, including the Canadian dollar. Bitcoin shed nearly 4%.

Futures on the US benchmark stock indices are rising on the back of hopes that the global economy will revive once an efficient vaccine is made available to the public. In November, AstraZeneca, Moderna, Pfizer, and BioNTech reported on successful trials of their vaccines. Today, the Dow Jones grew 0.23%, the Nasdaq was 0.34% higher, the S&P 500 inched up 0.17%.

So, the US stocks are on track to close on Friday with weekly gains. Moreover, the benchmark indices are approaching milestone highs. Yesterday, US trading floors were shut on the occasion on Thanksgiving Day. Today American markets are trading quietly because of a shorter day.

Despite the obvious success in developing a vaccine to increase human resilience to COVID-19, traders are voicing concern over rampant infection rates in the US that could affect statistics on the US labor market for November. The US nonfarm payrolls are due on December 4. According to the median forecast, the unemployment rate could show a downtick to 6.8% from 6.9% in October.

Today the US dollar slipped in the early European trade heading for weekly losses. Traders still pin hopes on a massive stimulus package from the US government. Amid improving appetite for risk, the US dollar index shed 0.12% to trade at 91.920. Today, trading in the US will be thin again, with almost no catalyst to move the market.

The US dollar is losing ground against its Canadian counterpart. The USD/CAD pair is trading 0.23% down at near 1.2988.

Meanwhile, bitcoin lost in value today amid a downward correction. Earlier this week, the number one cryptocurrency skyrocketed to a historic high of 19,000 dollars per token. Today bitcoin is trading at 16,935 dollars.

On Tuesday, the most popular cryptocurrency jumped to the strongest level since December 16, 2017, having briefly spiked above 19,000 dollars. Later, it began a downward correction. Yesterday, bitcoin sank 16% to trade at 16,367 dollars per token.

Outgoing US President Donald Trump stated yesterday that he would leave office on condition the electoral college votes for Joe Biden. Such statement means that he was about to acknowledge the election outcome. Now, the market expects stable and predictable policies from the US administration. The newly-elected President says that his priority is to combat the pandemic. So, he called on US lawmakers to pass the stimulus bill before he takes office in January.

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