Top 3 Things to Know in the Market on Monday, November 20:
1. Euro Hits Two Month Low On German Government Uncertainty
The euro hit a two-month low against the yen on Monday, following news that Chancellor Angela Merkel had failed to reach a coalition agreement with two other political parties to form a new government. The euro dipped by as much as 0.5 percent against the dollar, in early morning trading.
Merkel stated that she would inform the German president that she could not form a coalition, a development which leaves Germany with two options: to form a minority government, or to call for new elections.*
2. Dollar Edges Higher, Gold Dips
The USD strengthened against its major rivals after the Trump Administration scored a major victory with Congress, passing a tax overhaul bill. A robust dollar weighed on gold prices which dipped early on Monday but held close to a one-month high hit in the previous session. Politics will define the markets this week as we will be expecting developments on Brexit negotiations and on the alleged Russian involvement in the last U.S. elections. The U.S. Federal Reserve will also publish the minutes from its November meeting on Wednesday, November 22. Investors will be looking closely at this release for clues regarding future monetary policy.**
3. Bitcoin Reaches $8,000
Bitcoin topped $8,000 for the first time on Monday. The cryptocurrency is currently up more than 700 percent year-on-year after shrugging off a recent tumble of more than 29 percent. It’s been a highly volatile year for the world’s most prominent cryptocurrency, with three separate slumps all followed by victorious rallies. The digital currency seems to have gained the acceptance of professional investors worldwide.***/span>
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***Source: Seeking Alpha