Forex Today: Trump Returns to White House

Adam Lemon

Risk-on sentiment continues to improve pushing stocks higher

  • President Trump has returned to the White House after being discharged from Walter Reed military hospital following his coronavirus diagnosis. The President said “do not be afraid of coronavirus”, yet his full recovery is not yet assured.
  • Global stock markets rose yesterday, with the S&P 500 Index approaching its highest level in three weeks. The Japanese Nikkei 225 Index is up by 0.52%.
  • Forex markets are seeing the U.S. Dollar lower, while gold, the British Pound and the Euro have been the strongest major currencies over the past day.
  • The Australian Dollar has weakened after the Reserve Bank of Australia signaled it would cut its interest rate again next month from the current historic low of 0.25%.
  • U.S. Services PMI data came in higher than expected yesterday.

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  • New opinion polling is showing Joe Biden widening his lead over President Trump in the race for the U.S. Presidency.
  • Today is a public holiday in China.
  • Coronavirus daily global death tolls have been rising slightly over the past 2 weeks, with deaths in Latin America and the Caribbean falling to 37% of the global daily total, well exceeding those in both India (approx. 19%), the U.S.A. (13%), and Europe (approx. 13%). The number of confirmed new cases has been rising quite strongly in the European Union and the U.K. The European Union is now averaging more new cases than the U.S.A. or Brazil.
  • Last Friday saw the highest daily count of new confirmed coronavirus cases globally recorded yet. The World Health Organization estimated yesterday that 10% of the world’s population has already contracted coronavirus.
  • Total confirmed new coronavirus cases stand at over 35.4 million with an average case fatality rate of 2.95%. Global mortality over recent weeks has been lower than it was during the first peak in April.
  • India has more than 6.6 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 almost 900 deaths reported yesterday. The past few weeks are seeing confirmed new cases hit new highs globally.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Argentina, Armenia, Austria, Belarus, Belgium, Bosnia, Burma, Canada, Croatia, Cuba, Czech Republic, Estonia, Ethiopia, Finland, Georgia, Germany, Greece, Honduras, Hungary, Iceland, Indonesia, Iran, Ireland, Italy, Jordan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Malta, Moldova, Montenegro, Morocco, Nepal, Netherlands, Paraguay, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Ukraine, U.A.E., the U.S.A., 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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