Forex Today: NASDAQ & Gold Close at Record Highs – 07 July 2020

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on July 07, 2020

Coronavirus “second waves” fail to halt risk rally

  • The U.S. NASDAQ tech stock index closed at an all-time high price yesterday, and looks likely to rise higher still this week.
  • Gold closed at an 8-year high price yesterday, and looks likely to rise higher still this week.
  • Stock markets have been mixed in the Asian session after a strong day yesterday, with the Japanese Nikkei 225 Index down by 0.54%.
  • In Forex markets, risk sentiment has continued to improve a little, with the British Pound strong, while the Japanese Yen is currently the weakest currency.
  • The Reserve Bank of Australia left its interest rate unchanged and gave no surprises in its monthly rate statement.
  • Friday saw the highest number yet of daily total new coronavirus confirmed cases globally at 210,467.
  • Some countries that initially appeared to successfully suppress the coronavirus, such as Australia and Israel, are re-imposing closure restrictions, while a partial lockdown has also been implemented in Spain.
  • Coronavirus deaths in Latin America and the Caribbean are 51% of the global daily total, well exceeding those in both the U.S.A. (11%) and Europe (approx. 9%) which shows that the epicenter of the pandemic is well established in Latin America.
  • Total confirmed new coronavirus cases stand at over 11.6 million with an average case fatality rate of 4.63%.

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  • The number of new coronavirus cases is rising strongly in India, which has now overtaken Russia to stand at third place globally with over 719,00 confirmed cases.
  • 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 now increasing most quickly in the United States, Albania, Algeria, Argentina, Armenia, Australia, Bolivia, Colombia, Costa Rica, Croatia, the Dominican Republic, Guatemala, Honduras, India, Indonesia, Iraq, Israel, Japan, Kenya, Mexico, Montenegro, Morocco, Oman, the Philippines, Romania, Serbia, South Africa, the U.A.E., Ukraine, Uzbekistan, and Venezuela.

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