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Asian Stock Market: Mildly bid over stimulus, vaccine hopes

Asian shares print gains with light colors ahead of Monday’s European session. While the continuation of the Brexit negotiations and the start of the coronavirus (COVID-19) vaccinations in the US favored the risks earlier in Asia, hopes of the US covid stimulus and upbeat data from Japan helped keep the upside momentum afterward. However, a light calendar and the multi-month high of various indices in the Asia-Pacific region keep the bulls chained.

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Japanese Yen Outlook: USD/JPY May Fall to Support as Covid Boosts Haven Bets

Wall Street ended the day with gains across the major U.S. stock indexes despite initial jobless claims totaling 742k vs the consensus forecast of 707k according to the DailyFX Economic Calendar. Continuing claims, however, fell to 6.37 million, the lowest level since March. The Dow Jones and S&P 500 opened in the red, but bulls managed to bid up prices throughout the day and close with gains across the U.S. equity space.

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Gold Price Forecast: Precious Metals Soar as US Dollar Sinks

Gold and silver prices have notched explosive rallies over the last couple trading sessions. The two precious metals have gained 3.6% and 7.5% respectively month-to-date with their advances likely mirroring the steep decline by the US Dollar. Also, a precipitous drop recorded by the S&P 500-derived VIX Index in the wake of the election also speaks to improved liquidity conditions and perhaps helps explain the boost to gold price action. We discussed these themes as potential catalysts for a bullish breakout by precious metals in our recent gold forecast.

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