Let’s check the market. There was news that the Senate agreed on about the massive stimulus package. The package will provide relief to the United States economy. The news was greeted very positively at the opening of today’s markets. Surging to 1.19 on the release of the report, the GBP/USD continues its rebound. That is a good start for a busy day. The pair could see movement on the release of host data. Those numbers include inflation, and Retail Price Index numbers from the United Kingdom. It also included Durable Goods Order data from the United States.
During the present crisis, global markets have been suffering much and at multi-year lows. It brought positive reactions throughout the market, the news of Senate approval for the economic measures proposed. Since the Great Depression and 1933, the Dow Jones posted its biggest one-day gain. It was up to 11.4%.
With the Nikkei in Japan closing 8% higher, across the world, similar numbers were being posted. Nevertheless, analysts and investors take nothing for granted. Thus, they are warning of further bounces ahead. It is some of the first positive news in weeks. The United States is still facing up to the reality of growing virus case numbers across the nation.
On Monday, British PM Boris Johnson moved to further the tighten lockdown restrictions in the United Kingdom. This is a move that many feel is coming well past sue-time but is still required. He instructed the government to close all non-essential businesses. It provided increased powers to police for dispersing gatherings, along with a range of other measures.
Surprisingly, the news did little to move the Sterling from what was already a precarious position. The reason may have been that the market had already heard the rumor.
This was the leading news of the foreign market.
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