Forex Today: Gold Hits New 8-Year High – 01 July 2020

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on July 01, 2020

Coronavirus “second wave” hotspots are 20% of the U.S.A.

  • Gold made a new 8-year high daily close yesterday and looks likely to rise higher still this week.
  • Stock markets are a little lower. The Japanese Nikkei 225 Index is down by almost 1% today.
  • As new daily cases of the novel coronavirus rise to new all-time highs in the U.S.A., Dr. Fauci states that 100,000 new cases per day is a realistic possibility.
  • In Forex, risk sentiment has deteriorated, with precious metals, the Japanese Yen, and the U.S. Dollar strong, while the British Pound is currently the weakest currency.
  • Canadian GDP data came in slightly better than expected yesterday, showing an annualized contraction of 11.6% on a monthly basis.
  • Coronavirus deaths in Latin America and the Caribbean are 52% of the global daily total, well exceeding those in both the U.S.A. (12%) and Europe (approx. 10%) which shows that the epicenter of the pandemic is well established in Latin America.
  • Total confirmed new coronavirus cases stand at over 10.4 million with an average case fatality rate of 4.89%.
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  • Brazil continues to see more daily deaths from coronavirus than any other country in the world.
  • The rate of new coronavirus infections appears to be increasing most quickly in Brazil, the U.S.A., India, Argentina, Colombia, South Africa, Panama, Ecuador, Israel, Czech Republic, Servia, Bosnia, Costa Rica, Bulgaria, Japan, Austria, Switzerland, and Slovenia.

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