Positive news continues to show in the market
AstraZeneca has also published its vaccine effectiveness rate, which, although lower than the previous ones, remains at a higher level than the average number of other kinds of vaccines, 70%. It is already expected that vaccines will begin to be administered in the world in a period not exceeding a month.
In Europe, the numbers of contagions remain high, but the upward trend has flattened, and in some countries, there is talk of easing the measures to restrict mobility.
In the economic field, the manufacturing PMI figures for November for Europe and the United Kingdom exceed market expectations of 53.6 and 55.2. This economic figure is a good sign that the economic recovery is underway. The British finance minister has said that he estimates a recovery of at least three-quarters of the pandemic crisis's fall.
PMI figures still lag, but this is normal considering the mobility restriction measures in most countries. They are still below the pivot level of 50, which is the one that marks the threshold of increase.
It is reasonable to think that once the restrictions are eliminated, and social distancing is not imposed, this figure will recover to the levels that are now the manufacturing figure, and in this sense, the beginning of vaccination will play a fundamental role together with the fiscal stimulus policies already approved in Europe and pending in the United States.
Also, good feelings from the Brexit negotiations seep into the market. If true, we could have a successful outcome in the coming days.
Due to all of the above, the market returned to risk-on mode with rises in the stock indices, although still moderate, outflows of safe assets such as US treasuries that rebounded in yield and sales of the US Dollar.
In this market scenario, EUR/USD tries to overcome the 1.1900 barriers, which, if overcome with a daily close above it, from a technical perspective, would open the way to further advances towards the psychological level of 1.2000.
The good European PMI figures have also contributed to this upward movement. The only pending reaction is the ECB, which could act at its next meeting in early December with more expansionary measures in monetary policy, putting a brake on the upward movement of the Euro.
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