Sterling continues as coronavirus crisis escalates
The British pound fell against the US dollar on Wednesday, as the coronavirus crisis continues to escalate in the UK.
The new Covid-19 strains that have emerged in several countries around the world pushed the number of infections to almost 100 million cases, with a death toll of nearly 2 million victims.
The coronavirus has spread rapidly in Britain recently, especially after identifying a new strain in the country that more infectious.
Consequently, British Prime Minister Boris Johnson re-imposed lockdown restrictions in the country from January to mid-February to curb the outbreak.
Bearing in mind that the UK has launched Covid-19 vaccination campaigns using the Pfizer-BioNTech vaccine in addition to vaccines by AstraZeneca-Oxford and Moderna.
As of 20:50 GMT, GBP/USD fell 0.3% to 1.3628, after hitting a high of 1.3701, and a low of 1.3613.
Dollar rises after US consumer price data
The US dollar rose against its major rivals on Wednesday, following the release of upbeat economic data.
The political turmoil continues as Democrats in the US Congress are pushing to impeach President Donald Trump and called on Vice President Mike Pence to invoke the 25th Amendment to remove Trump, but Pence dismissed this step.
US President Donald Trump described the House of Representatives attempts to impeach him as terrible and ridiculous, adding that the country could be face instability if gets removed from office.
Data showed today that the US consumer price index rose in by 0.4% during December, and the core reading (excluding energy and food prices) rose 0.1%, after rising by 0.2% in November.
The dollar index rose against a basket of major currencies by 0.2% to 90.3 points as of 19:28 GMT, after hitting a high of 90.3 points and a low of 89.9 points.
Gold closes higher despite rising dollar
Gold prices rose on Wednesday, and shrugged off a frim dollar and upbeat economic data.
Data showed today that the US consumer price index rose in by 0.4% during December, and the core reading (excluding energy and food prices) rose 0.1%, after rising by 0.2% in November.
Investors are anticipating President-elect Joe Biden's plans to launch a huge stimulus package to support the US economy that is worth trillions of dollars, as he said more details would be revealed on Thursday.
The dollar index rose against a basket of major currencies by 0.2% to 90.3 points as of 20:10 GMT, after hitting a high of 90.3 points and a low of 89.9 points.
Gold February futures rose 0.6% or $10.7, and closed at $1,854.90 an ounce, with today’s high at $1,863, and the low at $1,849.1.
Nasdaq closes higher on tech gains, shrugs of political tensions
Most of the US stock indices closed higher on Wednesday (except for Dow Jones), as Nasdaq and S&P 500 were buoyed by the recovery in tech shares, while Dow Jones was weighed down by the political turmoil.
The US House of Representatives voted voted to impeach President Donald Trump from office due to inciting his supporters to storm the Capitol building and violence.
This makes Trump the first US president to be impeached twice in one term and he will be trialed in the Senate.
National Guard forces were deployed to the Capitol Hill building in Washington to secure it from any potential violence, especially after President Trump's statements that his impeachment could lead to instability in the US.
US President Donald Trump described the House of Representatives attempts to impeach him as terrible and ridiculous, adding that the country could be face instability if gets removed from office.
Data showed today that the US consumer price index rose in by 0.4% during December, and the core reading (excluding energy and food prices) rose 0.1%, after rising by 0.2% in November.
Investors are anticipating President-elect Joe Biden's plans to launch a huge stimulus package to support the US economy that is worth trillions of dollars, as he said more details would be revealed on Thursday.
To the oil market, WTI crude February futures fell 0.6% or 30 cents, and closed at $52.91 a barrel, after hitting a day high of $53.9 and a low of $52.5.
Brent March futures fell 0.9% or 52 cents, and closed at $56.06 a barrel, after hitting a high of $57.4 and a low of $55.7.
As for stocks, Dow Jones fell less than 0.1% or 8 points, and closed at 31,060, with a day high of 31,153, and a low of 30,992.
Nasdaq rose 0.4% or 156 points to 13,128 points, with a high of 13,171 and a low of 13,051.
S&P 500 rose 0.2% or 8 points to 3,809, after hitting a high of 3,820 and a low of 3,791.