Saturday, January 23, 2021

Oil Rose But Dollar Dropped On Thursday

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On Thursday, after the Fed and in anticipation of a new stimulus package in the country, WTI light crude oil rose another 1.1 percent to $48.36 a barrel, the highest in nine months.

On the other hand, despite likelihood of a rebound in demand in 2021 due to the Covid vaccine, the dollar index (DXY), which tests its evolution against the basket of six benchmark currencies, dropped sharply on the foreign exchange market, by 0.69% to 89.82 points, while the Euro advanced by 0.6% to $1.2279, the highest level since March 2018. The yield on the 10-year T-Bond rose 2 basis points to 0.94 percent on the US government bond market.


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The United States, in reaction to the health crisis, around $3,000 billion in assistance to individuals and companies has already been approved by Congress, including a huge $2,200 billion package passed last March, the CARES Act. However most of the assistance schemes will stop on 31 December, depriving 12 million people of unemployment insurance and also putting an end to loan and rent moratoriums.

On Wednesday evening, the U.S. Federal Reserve did not alter its monetary policy, but tried to convince markets that it would retain massive support before the current health problem will be resolved by the U.S. economy. Through at least the end of 2023, the Fed will keep its main interest rates close to zero and will continue its asset purchases at the current rate until the economy is fully recovered.

The Fed also increased its growth estimates marginally, although it’s President, Jerome Powell, said that, despite the hope of a vaccination program that started this week in the United States, uncertainties about the health situation remain.

Powell said the central bank could if necessary; raise its support even more. He added, “We continue to believe that the current policy is appropriate, but we have the flexibility to provide more accommodative measures, and we are aware that circumstances could change.”

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