Weekly

Today's volatility range:

The news that the US$ 900 billion second round of epidemic relief measures will be passed by both parties is beneficial to the gold market, but gold has been rising for many days or is now exhausted. Today's major volatility is $1850 to $1874.

There are only two days left in the meeting agreed by the two sides, and the Brexit negotiations between Britain and the EU are facing a breakdown. Yesterday, EU officials who attended the report said that Banier, the chief negotiator of the EU, reported the progress of the negotiations to the representatives of EU member States earlier.

The result is frustrating, which indicates that there are still major differences between the two sides on the three major issues of fisheries, fair competition and complaint handling mechanism. It also indicates that the British side has not budged on the issue of waters, because British Foreign Secretary Rab has raised the operation of fisheries to the issue of British sovereignty and security.

The pound fell sharply by 1.6% against the US dollar yesterday when it was reported that the Brexit negotiations were facing a breakdown. What's even worse is that the House of Commons of the United Kingdom revisited a number of motions in the Internal Market Law that violated EU laws, which were rejected by the House of Lords earlier.

Re-debating the motion in the House of Lords may mean that once the Brexit negotiations break down, Britain will leave the EU in the "Australian mode" in January next year, that is, except for a small number of goods that can be freely cleared, the rest will follow the practice of the World Trade Organization.

That is, the import and export of goods need to be checked and paid taxes, and passengers need to pick up while going in and out. This will undoubtedly increase the trade costs of each other, but for Britain, it may also be the only solution to disorderly Brexit, not a single threat.

Fortunately, some media reported that British Prime Minister Johnson called European Union Prime Minister Ursula von der Leyen again, and after the call, the two men issued a joint statement, asking each other's negotiators to prepare an overview of their differences, so that they could discuss them face-to-face in Brussels in the next few days.

Some political scholars said that when representatives at a higher level attend the negotiation meeting, there is a great chance that the negotiations will eventually reach an agreement and sign it immediately. Novel coronavirus's fatigue continues to deteriorate, and Pfizer's vaccine officially began to vaccinate high-risk people in Britain today.

Yesterday, Pfizer applied to India, the second most infected country in the world, for emergency use of COVID-19 vaccine. However, Pfizer has indicated that the supply will not meet the demand of the United States, except that the output mentioned earlier needs to be reduced to 50 million branches due to the blockage of raw material supply.

It is estimated that the quota needs to be reserved for other countries because of an agreement.

There were still as many as 180,000 new infections in the United States yesterday. Federal Reserve Chairman Powell urged Congress to pass the second round of epidemic relief measures as soon as possible. Some economists said that if the government could not provide economic relief in the short term, the US economy would go backwards.

However, the Democratic Party and the Republican Party still have not passed the $900 billion bailout plan. However, this hurdle is not about the scale of funding, but about the details of assistance to state and local governments and corporate exemption protection. The two sides are deadlocked.

However, since the bill on financing the operation of the government will expire on December 11th, the House of Representatives plans to vote for a week-long resolution on Wednesday to prevent the government from stopping. The market expects that the new bail-out plan will finally pass.

Yesterday, when the price of gold was riding a roller coaster, the news of the break of Brexit caused the US dollar to rise sharply, and then it was reported that some large companies reduced their positions, which dragged down the performance of gold price. It once fell to US$ 1,822 per ounce, but it was later passed that Johnson talked with Ursula von der Leyen and the US dollar was lowered again.

Gold prices rebounded sharply, reaching a peak of $18682 per ounce, closing at $1862 per ounce, up $24.

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