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Markets Are Gloomy Despite Fresh Vaccine Hopes

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During the European session, the market mood is leaning risk-off, with the European indices traded lower, and strength in safe-havens.

In the FX markets, the JPY and the CHF traded higher as investors turn to safe-havens flow. Meanwhile, the USD declined further as surging coronavirus cases in the United States highlighted the need for additional fiscal stimulus to support the economic recovery.

On the other hand, the GBP advanced on Tuesday as Brexit talks continue in Brussels while hopes of a working coronavirus vaccine supported the demand for riskier currencies. However, Other reports had suggested that negotiations have failed to make progress on competition rules and fishing and that the EU summit on November 19th was seen as the final deadline for a draft Brexit deal.

Ahead of the New York session, the risk tone could remain the same or could be improved as investors are still digesting the vaccine hopes. On the economic front, the US retail sales for October are set to decline as average hourly earnings growth slowed in October.

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