Forex Today: Gold Closes at Another 8-Year High – 08 July 2020

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on July 08, 2020

Absence of data leads to drift in markets

  • Gold closed at an 8-year high price yesterday, and looks likely to rise higher still this week.
  • Stock markets have been mixed over the past day, mostly selling off, with the Japanese Nikkei 225 Index down this session by 0.65%.
  • Forex markets have seen a drift away from clear sentiment, with the British Pound strong, while the Australian Dollar is currently the weakest currency.
  • Friday saw the highest number yet of daily total new coronavirus confirmed cases globally at 210,467. Yesterday’s number was close to this, showing the disease is still spreading exponentially.
  • 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 implemented in Spain.
  • Coronavirus deaths in Latin America and the Caribbean are 50% of the global daily total, well exceeding those in both the U.S.A. (10%) and Europe (approx. 9%) which shows that the epicenter of the pandemic is well established in Latin America.
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  • Total confirmed new coronavirus cases stand at over 11.7 million with an average case fatality rate of 4.61%.
  • 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 Brazilian President Jair Bolsonaro has tested positive for the virus but says he feels OK.
  • The rate of new coronavirus infections appears to be now increasing most quickly in the United States, Albania, Algeria, Argentina, Australia, Bolivia, Bosnia, Colombia, Costa Rica, Croatia, the Dominican Republic, Guatemala, Honduras, India, Indonesia, Iraq, Israel, Japan, Kenya, Mexico, Montenegro, Morocco, Oman, Panama, the Philippines, Romania, Saudi Arabia, Serbia, South Africa, the U.A.E., Uzbekistan, and Venezuela.

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