Metals shine again as dollar slips

Precious metals are waking up again, and both gold and silver pushed higher on Wednesday, trying to erase losses from the recent slamdown. 

In Germany, Chancellor Angela Merkel and regional leaders agreed to tighten the coronavirus restrictions to slow the disease’s spread. These moves included closing non-essential stores in hard-hit areas until February 14. 

Those are very bullish news for German stocks, and the DAX index rose toward 14,000 EUR again. The more lockdowns, the more money printing, the higher stock prices. Easy math. 

From other news, Joe Biden will take office later today under unprecedented security measures.

After a brief correction, the USD is dropping again, with the EURUSD pair rising toward 1.2150 and the USDJPY pair was offered above 104 again, pushing it back to 103.70. US 10-year yields remained flat on Wednesday, last seen at around 1.09%. 

US stock markets rose notably yesterday, boosted by solid Netflix earnings. The Nasdaq 100 index seems to be attacking all-time highs, with the medium-term target set to 15,000 USD for many bulls. 

Source: https://www.axiory.com/market-news/metals-shine-again-as-dollar-slips