Forex Today: Stocks Advance on U.S. Stimulus Hopes

Adam Lemon

Mnuchin/Pelosi progress towards U.S. stimulus compromise boosts stock market and weakens U.S. Dollar

  • Stock markets rose yesterday, with the S&P 500 Index closing up by 0.83%, upon signs of political progress in the U.S. towards the more fiscal stimulus. Indices in Australia and Singapore closed up by more. Analysts see the post-April economic recovery in the U.S. as likely to without fresh action.
  • Technically, it appears the recent U.S. stock market selloff was a natural correction and not a significant trend change. It seems likely the recovery will continue.
  • The Australian Dollar is the weakest major currency right now, while the Japanese Yen is the strongest.
  • There will be an important release today of U.S. ISM Manufacturing data.
  • Stock market trading has been suspended in Japan following a technical glitch.

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  • Today is a public holiday in China, Hong Kong, and South Korea.
  • Coronavirus daily global death tolls have been rising slightly over the past 2 weeks, with deaths in Latin America and the Caribbean falling to 38% of the global daily total, well exceeding those in both India (approx. 20%), the U.S.A. (14%), and Europe (approx. 12%). The number of new cases has been rising quite strongly in the European Union and the U.K. Yesterday saw the 4th highest daily tally of confirmed new cases worldwide.
  • Total confirmed new coronavirus cases stand at over 33.9 million with an average case fatality rate of 2.99%. Global mortality over recent weeks has been lower than it was during the first peak in April.
  • India has more than 6.3 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 1,150 deaths reported yesterday.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Andorra, Argentina, Armenia, Belarus, Belgium, Belize, Bulgaria, Burma, Canada, Chile, Estonia, Finland, France, Georgia, Germany, Hungary, Iran, Ireland, Israel, Italy, Jamaica, Jordan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Morocco, Nepal, Netherlands, Oman, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Sweden, Tunisia, Uganda, Ukraine, U.A.E., and the U.K.
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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