Forex Today: Markets Pause as FOMC Awaits – 29 July 2020

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on July 29, 2020

FOMC Statement Later Should Clarify Risks to U.S. Recovery

  • Gold and Silvery fell sharply yesterday, but recovered most of their losses later on, before trading sideways as markets opened today.
  • Strong movement continues to be felt in the Forex market after several weeks of low activity. The USD/JPY currency pair reached a new 4-month low below the psychologically important round number at 105.00 yesterday.
  • The U.S. Dollar is in a confirmed long-term downwards trend after making a technical “death cross” two weeks ago, so further movement against the Dollar is somewhat likely over the coming days.
  • Stock markets are mostly lower.
  • The Federal Reserve will be releasing its statement and setting the interest rate later today, which could mean markets will be quiet prior to the release.
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  • Republicans in the U.S. have proposed a new $1 trillion coronavirus stimulus package, which would include an additional $1,200 payment to every adult American.
  • Coronavirus global deaths tolls have begun to rise in a steady trend again, with deaths in Latin America and the Caribbean at 46% of the global daily total, well exceeding those in both the U.S.A. (16%) and Europe (approx. 6%) which shows that the epicenter of the pandemic is well established in Latin America. Deaths in the U.S.A. have been rising for three weeks, with states in the south and west seeing high rates of new infections.
  • Total confirmed new coronavirus cases stand at over 16.6 million with an average case fatality rate of 3.95%. Last Friday saw the highest level of new confirmed cases worldwide yet. However, mortality is lower than it was during the first peak in April.
  • The U.S.A. has now begun to see more daily deaths from coronavirus than any other country in the world, overtaking Brazil in recent days.
  • The rate of new coronavirus infections appears to now be increasing most quickly in the United States, Albania, Algeria, Australia, Belgium, Colombia, Costa Rica, Dominican Republic, El Salvador, Ethiopia, Georgia, India, Iraq, Israel, Japan, Kenya, Kosovo, Lebanon, Mexico, Morocco, Panama, Peru, Philippines, Poland, Romania, Senegal, Serbia, Singapore, Spain, Ukraine, Uzbekistan, and Venezuela.  

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