Forex Today: Gold Hits New 8-Year High

Coronavirus “second wave” hotspots are 20% of the U.S.A.

  • Gold made a new 8-year high daily close yesterday and looks likely to rise higher still this week.
  • Stock markets are a little lower. The Japanese Nikkei 225 Index is down by almost 1% today.
  • As new daily cases of the novel coronavirus rise to new all-time highs in the U.S.A., Dr. Fauci states that 100,000 new cases per day is a realistic possibility.
  • In Forex, risk sentiment has deteriorated, with precious metals, the Japanese Yen, and the U.S. Dollar strong, while the British Pound is currently the weakest currency.
  • Canadian GDP data came in slightly better than expected yesterday, showing an annualized contraction of 11.6% on a monthly basis.
  • Coronavirus deaths in Latin America and the Caribbean are 52% of the global daily total, well exceeding those in both the U.S.A. (12%) and Europe (approx. 10%) which shows that the epicenter of the pandemic is well established in Latin America.
  • Total confirmed new coronavirus cases stand at over 10.4 million with an average case fatality rate of 4.89%.

  • Brazil continues to see more daily deaths from coronavirus than any other country in the world.
  • The rate of new coronavirus infections appears to be increasing most quickly in Brazil, the U.S.A., India, Argentina, Colombia, South Africa, Panama, Ecuador, Israel, Czech Republic, Servia, Bosnia, Costa Rica, Bulgaria, Japan, Austria, Switzerland, and Slovenia.
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.