This week will be the last week in 2020 for the Federal Reserve Open Market Committee; almost all investors are going to monitor this economic and political event to get further development clues towards 2021.
The US Commerce Department will release November retail sales data on Wednesday to reveal how much consumers have spent during the hottest holiday shopping season. What is known already is that Black Friday and Cyber Monday broke their previous sales record; however, economists expect that in total, retail sales will show a negative balance in November despite the record sales days; that is the first time since April. Economists expect retail sales to dip as much as 0.3% in November; this is the slowest recovery pace since April's record decline.
Coronavirus vaccine is bringing good news; the first shipment has been made to begin the historic mission of vaccinating more than 100 million US citizens by the end of March.
"The vaccine has and will likely continue to provide a tailwind to the market that is allowing investors to look beyond record case levels, hospitalizations, and deaths," said analysts at JPMorgan (NYSE: JPM) in a note.
After a week with many ups and downs, GBP stabilized versus both EUR and USD once the European Union agreed to talk about post-Brexit trade even after the deadline, set to finish by Sunday.
Starting on Wednesday, Germany will enter another lockdown due to recent surges in cases.
The oil prices moved higher on Monday for 2 main reasons. There are hopes that the demand grows from next year on as the world's largest oil consumer, the United States, begins mass vaccination soon. Secondly, jitters are surrounding an oil tanker exploding after being hit by an unidentified external source while discharging at Jeddah port in Saudi Arabia.