CEX blog. IO | Results of the week: moderate positive in the markets in connection with the COVID vaccine

Alexander Yanyuk, CEX.IO Broker finance expert comments:

Financial markets calmed down last weekafter a rather nervous and tensepresidential race in the United States and a record number of COVID-19 infections in the world. Most assets remained within the ranges occupied in the summer. Thus, Brent oil unsuccessfully stormed the $45 level throughout last week, but black gold quotes were unable to gain a foothold at local highs and bounced back into the $40-45 range. On Friday, Brent traded at $42.70.

Gold fell to $1,888.35 an ounce after a successful $1,960 drop in the weekend, which lasted almost all week.Significant risks of uncertainty in the long term were leveled last week, which led to a revision of long positions on precious metals in the direction of their reduction.Biden's victory and donald Trump's acceptance of him is a no-go no.factor of political instability in the United States, while Pfizer's COVID vaccine development significantly reducesfactor-in-control coronavirus outbreaks in the long term.

On the foreign exchange market over the past weekmultidirectional dynamics were observed. Even among European assets there was no unanimous rush against the US dollar. The sharp rise in the pound did not become a locomotive for the euro; the EUR/USD pair reached 1.1920 at the beginning of the week, then fell to 1.1760, and only on Friday it recovered some of the losses, returning to 1.1830. However, last week went relatively well for the ruble. The Russian currency drifted towards 75 per US dollar, but on Friday the USD reduced losses and returned to the value of 77.40, forming a “doji” candle on the weekly USD/RUB chart. For the Russian currency, the risks of geopolitical tension on the border have been removed - the acute phase of the conflict in Nagorno-Karabakh is over. The Russian COVID vaccine, according to scientists, demonstrates effectiveness in more than 90% of cases, which helps strengthen investor confidence in the Russian market and the ability to avoid lockdowns. However, the general negativity in the market and the possible introduction of sanctions by the new presidential administration in the United States will most likely return the USD/RUB pair to the level of 80.

Cryptocurrencies over the past week continuedgrowth, but in weekly terms the positive was not so impressive. Thus, Bitcoin immediately reached values ​​above $16,000, but was unable to gain a foothold at local highs and rebounded to $15,890. Ethereum also showed growth during the week, but on Sunday it dropped to $443. From a technical point of view, what is important is how digital assets behave this week. If Bitcoin and Ethereum remain committed to negative dynamics, we should expect a continued decline in assets by 5-7%. Successful testing of last week’s local highs will lead cryptocurrencies to new record values.

Asset dynamics for the week (November 9-15):

— Oil rose from $39.65 to 42.70 (+7.69%)
— Gold decreased from $1956 to $1888 (-3.48%)
— The USD/RUB pair fell from 77.41 to 77.40 (-0.01%)
— Bitcoin rose from $14,826 to $15,890 (+7.17%)
�