SHANGHAI, Dec 16 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar hovered close to two-year lows on Tuesday as progress toward a massive U.S. government spending bill and COVID-19 relief measures boosted spirits while investors awaited interest rate cues from the Federal Reserve’s final meeting of the year.

Hopes that U.S. lawmakers can agree $1.4 trillion in spending and more clarity about COVID-19 vaccine distribution have whetted investors’ risk appetite, driving them away from safe-haven currencies.

The Federal Reserve will release its statement with projections on the stance of monetary policy on Wednesday afternoon. While the Fed’s long term view is expected to be improved due to the vaccine, the central bank is expected to sound very dovish at the end of its meeting.

On Wall Street, the major average bucked a several day streak of negative sessions, with all three indices closing with gains. The Dow Jones Industrial Average climbed nearly 340 points, helped by a 5% jump in Apple’s stock. The S&P 500 climbed 1.3%, snapping a 4-day losing streak.

The Nasdaq Composite ended the day 1.25% higher at a new record. The Russell 2000 small cap index closed up 2.4% at a new record close.

Oil rose on Tuesday as optimism from the roll-out of coronavirus vaccines balanced out tighter lockdowns in Europe and forecasts of a slower demand recovery.

The United States began vaccinating people on Monday as the country’s COVID-19 death toll crossed the 300,000 mark. Britain and Canada have also begun to administer shots.

U.S. West Texas Intermediate (WTI) crude settled up 63 cents, or 1.34%, at $47.62. Brent crude was up 41 cents, or 0.8% at $50.70 a barrel.

Gold gained more than 1% on Tuesday, bolstered by expectations of more coronavirus relief aid in the United States as mounting COVID-19 cases renewed concerns over the pandemic’s economic toll.

Spot gold was up 1.4% at $1,852.36 per ounce, while U.S. gold futures settled up 1.3% at $1,855.30.

“There is the possibility of getting stimulus passed and that is what the gold market has been waiting for,” said Jeffrey Sica, founder of Circle Squared Alternative Investments.

London stepped up pandemic restrictions requiring bars and restaurants to close, Italy is considering more stringent steps over Christmas and Germany is likely to be under lockdown until early 2021.

In Brexit news, negotiations between the EU and U.K. aimed at reaching a trade deal continued to weigh on investors’ minds.

There seemed to be some positive momentum to talks on Monday with Ursula von der Leyen, president of the European Commission, saying there was some “movement” over sticking points.

Key economic data slated for release today include German preliminary manufacturing PMI for December, Eurozone initial manufacturing PMI for December and seasonally adjusted trade balance for October, and US retail sales for November, Markit manufacturing PMI for December and crude inventory in the week ended December 11.