Market News

Stocks Higher; RBA Cuts Interest Rate; U.S. Vote Begins

The Pound Sterling slipped close to a 4-week trough versus its US counterpart during London trade on Monday after the government announced another set of pandemic-related restrictions.

Stock futures were modestly higher on Monday despite concerns that new lockdowns in Europe and rising COVID-19 cases in the US could hinder global economic recovery.

Coronavirus Cases and Deaths Rise Strongly in U.S.A. and Europe; New Lockdown Announced in England

The Euro continues to come under pressure, especially against the greenback, after Thursday's announcement by the head of the European Central Bank

The safe haven greenback moved higher during the London trading session while higher risk currencies were subdued as a result of market players' worries about the resurgence of Coronavirus infections.

The Bank of Japan announced its decision to leave the cash rates unchanged, at -0.1 percent, a move which confirmed analyst expectations.

Coronavirus Cases and Deaths Rise Strongly in U.S.A. and Europe; New Lockdowns Announced; S&P 500 Falls Sharply

The FX market's demand for safe haven assets pushed the Pound Sterling lower against its US counterpart; for all intents and purposes, the US Dollar is still considered a safe haven currency.

The Reserve Bank of Australia's board member Ian Harper said recently that there is additional room for boosting bond purchases, adding that the bank still has the capacity to do so indefinitely if the governing board deems it appropriate.

Japanese Yen Close to Long-Term High Prices; Coronavirus Fears Impacting Euro

In London trade, the Pound Sterling remained relatively steady as analysts assess the likely sentiment shift if there is a Brexit deal.

Reserve Bank of Australia Deputy Governor Guy Debelle expressed optimism on Tuesday that the Australian economy grew in the third quarter of 2020 despite complications from COVID-19.

New Coronavirus Cases Hitting Record Highs in E.U. and U.S.A.

The US Dollar gained favor among FX traders during London trade on Monday as a resurgence of the Coronavirus in both the United States and Europe resulted in a cautious response.