Financial Market News 16.02.2021 Tuesday

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DAX in Germany traded 0.1% higher, the CAC 40 in France rose 0.1%, and the U.K.'s FTSE index climbed 0.4%. BHP Group PLC (LON:BHPB) stock fell 0.3% after the world’s largest listed miner had to write down the value of its coal business which is up for sale or spin-off. Glencore (LON:GLEN) stock also rose 2.4% after the commodity trading and mining company reported a return to profit in the second half of 2020 and said its dividend would resume this year. Oil prices pushed higher Tuesday, as the severe cold spell in the U.S. resulted in heavy demand for power as well as disrupting supplies in Texas, the biggest crude producing state. U.S. crude futures traded 0.9% higher at $60.05 a barrel, while the international benchmark Brent contract rose 0.1% to $63.35, both contracts not far removed from their highest levels since January last year. Gold futures rose 0.1% to $1,823.65/oz.

GBP/USD is standing out by advancing above 1.39 as the UK reported the lowest number of COVID-19 infections since October and the vaccination campaign continues at a rapid pace. The U.S. dollar was mired at a three-week low on Tuesday as growing optimism about the outlook of the global economy in the coming months sent investors scurrying to purchase riskier currencies including the euro, crown and the British pound. The euro shows little reaction to the upbeat Eurozone growth figures, as EUR/USD flirts with three-week highs of 1.2157. The spot is higher by 0.25% on the day. The dollar index steadied at 90.229, its lowest level since Jan. 27. It has fallen nearly 1.5% over the past eight trading sessions. The Chinese yuan slipped 0.1% to 6.4132 per dollar after the Financial Times reported Beijing was exploring curbs on rare earth mineral exports in order to hurt the U.S. firms that use them.
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