Forex Today: Stocks and Precious Metals Up – 21 July 2020

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on July 21, 2020

Risk-on sentiment strengthens in markets

  • Silver is trading at over $20 an ounce for the first time in several years and looks likely to rise further.
  • Gold is at a new 8-year high price in U.S. Dollar terms and looks likely to trade higher still.
  • Stocks have advanced globally, especially the NASDAQ 100 Index of technology stocks, which is trading off-hours just below its all-time high price.
  • The U.S. Dollar is a little lower, while the Euro and the Australian Dollar look like the strongest major currencies today. The U.S. Dollar is in a confirmed long-term downwards trend after making a technical “death cross” two weeks ago.
  • WTI Crude Oil is rising and threatening to break above recent highs just under $42 per barrel.
  • The European Union has agreed on the terms of a Euro 750 billion coronavirus recovery fund.
  • The EUR/USD currency pair has reached new long-term high prices and will likely rise higher still over the coming days. The Euro has been boosted by the European Central Bank’s drive to expand stimulus.
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  • Coronavirus deaths in Latin America and the Caribbean are 46% of the global daily total, well exceeding those in both the U.S.A. (14%) and Europe (approx. 7%) which shows that the epicenter of the pandemic is well established in Latin America. Deaths in the U.S.A. have been rising for two weeks, with states in the south and west seeing high rates of new infections. The global daily death toll is beginning to rise significantly again.
  • Total confirmed new coronavirus cases stand at over 14.7 million with an average case fatality rate of 4.15%.
  • The number of new coronavirus cases is rising very strongly in India, which has now overtaken Russia to stand at third place globally with over 1 million total confirmed cases. South Africa now has more confirmed cases than all other countries except the U.S.A., Brazil, India, and Russia.
  • 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, Algeria, Australia, Bolivia, Bulgaria, Cameroon, Colombia, Costa Rica, Croatia, Czech Republic, Dominican Republic, Ethiopia, Guatemala, Honduras, India, Indonesia, Israel, Japan, Kenya, Kyrgyzstan, Luxembourg, Mexico, Montenegro, Morocco, Nigeria, Paraguay, Philippines, Poland, Romania, Senegal, Serbia, South Africa, Sudan, Ukraine, Uzbekistan, and Venezuela.

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