Forex Today: Stocks Lower on Poor Earnings

Adam Lemon

 Risk-off sentiment begins to dominate markets again

  • Stock markets fell further yesterday as the prospect of a strong stimulus package in the U.S. continued to recede, in addition to poor corporate earnings data.
  • Forex markets are mixed, but the U.S. Dollar, British Pound, and Japanese Yen are strong while the Australian Dollar is weak, despite the release of better than expected Australian employment data.
  • The British government has stated it will wait a few days for the result of the current E.U. economic summit before deciding whether to walk away with no trade deal in place with the E.U. before the end of 2020. This has boosted the Pound somewhat as it increases hopes a deal will be reached.
  • Opinion polling suggests that President Trump only needs an approximately 3.3% swing from current polls in a few battleground states to win the U. S. presidential election on 3rd November, despite Biden’s far stronger polling lead nationwide. President Trump has resumed campaigning over the last few days after recovering from a coronavirus infection.
  • The highest ever global daily number of new confirmed coronavirus cases was reported yesterday, at 381,466.
  • Coronavirus daily global death tolls have been falling since a recent peak in early August, with deaths in Latin America and the Caribbean falling to 34% of the global daily total, well exceeding those in both India (approx. 19%), the U.S.A. (13%), and Europe (approx. 16%). The number of confirmed new cases continues to rise quite strongly in the European Union and the U.K. The European Union is now averaging more new cases than either the U.S.A. or Brazil, deaths are rising, and new restrictions are beginning to be imposed in several European nations.
  • Total confirmed new coronavirus cases stand at over 38.5 million with an average case fatality rate of 2.84%. Global mortality over recent weeks has been lower than it was during the first peak in April.
  • India has more than 7.3 million confirmed coronavirus cases, more than any other nation except the U.S.A. which has again become the country with the highest daily death toll, reporting more than 900 deaths yesterday.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bulgaria, Burma, Canada, Croatia, Cyprus, Czech Republic, El Salvador, Finland, France, Georgia, Germany, Greece, Hungary, Iran, Ireland, Italy, Jordan, Kenya, Kuwait, Latvia, Lebanon, Lithuania, Malaysia, Malta, Morocco, Nepal, Netherlands, Nigeria, Oman, Poland, Portugal, Romania, Russia, Serbia, Slovenia, Spain, Sweden, Switzerland, U.S.A., Ukraine, U.A.E., Uruguay, 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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