Stocks consolidate after this week’s rally

By Peter Bukov|

Published: December 18 2020, 10:54 GMT+0

Stocks consolidate after this week’s rally


Friday looks to be a calm day, and equity markets were consolidating after this week’s rally, which brought the US indices to new record highs. Nasdaq is up 3% on the week, Dow Jones is 1% stronger, and the SP500 index is nearly 2% higher. 

Brexit negotiations have not been going so well (who could have seen that coming?). After Wednesday’s positive comments, we saw an entirely different approach yesterday as European Commission President Ursula von der Leyen said that  “big differences” remain between the two sides, particularly on fishing, and that “bridging them will be very challenging.” The charade continues…

Later in the day, Canadian retail sales data will be published, influencing the Canadian dollar. 

From other news, metals are seen correcting their yesterday’s gains as the impressive rally seems to be over for now. Nevertheless, unless they drop 3-4% today, they are about to book a very nice week. 

The greenback was doing the same, with the dollar index up 0.2%, but mainly due to the USDJPY rally because the EURUSD pair was only marginally lower on the day.