Forex Today: Stocks Lower on Coronavirus Fear

Adam Lemon

Rising new virus cases in Europe and U.S. stimulus fears spook markets

  • Stock markets fell again yesterday, with the U.S. S&P 500 Index briefly marking a 10% decline from its all-time high before bouncing, touching correction territory.
  • The Asian session has seen yesterday’s fall mostly halted, with the Nikkei 225 Index trading slightly above its open.
  • Technically, it still appears the recent U.S. stock market selloff was a natural correction and not a significant trend change. It seems somewhat likely the recovery will eventually continue.

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  • The Japanese Yen is the strongest major currency, closely followed by the U.S. Dollar, as markets continue to be dominated by risk-off sentiment. The British Pound and the Euro are the weakest major currencies.
  • Coronavirus daily global death tolls have been falling slightly for almost 2 months, with deaths in Latin America and the Caribbean falling to 36% of the global daily total, well exceeding those in both India (26%), the U.S.A. (15%), and Europe (approx. 8%). The number of new cases has been rising quite strongly in the European Union and the U.K. with the latter introducing new restrictions aimed at curbing the spread.
  • Total confirmed new coronavirus cases stand at over 31.3 million with an average case fatality rate of 3.08%. Global mortality over recent weeks is lower than it was during the first peak in April.
  • India has more than 5.5 million confirmed coronavirus cases, more than any other nation except the U.S.A. India is now seeing more new deaths daily than any other country with over 1,000 deaths reported yesterday.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Armenia, Austria, Belarus, Belgium, Bosnia, Burma, Canada, Croatia, Czech Republic, Denmark, Dominican Republic, Estonia, Finland, Georgia, Germany, Greece, Hungary, India, Indonesia, Iran, Ireland, Israel, Italy, Jamaica, Jordan, Lebanon, Lithuania, Moldova, Montenegro, Morocco, Nepal, Netherlands, North Macedonia, Oman, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Trinidad, Tunisia, U.A.E., Ukraine, the U.K., the U.S.A., and Uzbekistan. 
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.
Learn more from Adam in his free lessons at FX Academy

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