Forex Today: British Pound Weakens – 08 September 2020

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on September 08, 2020

The British Pound fell by almost 1% yesterday against the U.S. Dollar

  • The British Pound weakened notably yesterday after the British PM threatened to make the final departure from the E.U. without an agreed trade deal.
  • The German DAX stock market index gained more than 2% yesterday. Global stocks were generally firm or higher but U.S. NASDAQ 100 futures are seen lower.
  • The U.S. Dollar remains in a long-term bearish trend established some weeks ago following June’s “death cross” in the USD Index.
  • The price of crude oil fell on news of a Saudi price cut.
  • Markets are likely to be much more active today as the U.S. market reopen following yesterday’s Labor Day holiday.
  • Coronavirus global death tolls are beginning to fall again, with deaths in Latin America and the Caribbean at 43% of the global daily total, well exceeding those in both the U.S.A. (15%) and Europe (approx. 6%) which shows that the epicenter of the pandemic is well established in Latin America.
  • Total confirmed new coronavirus cases stand at over 27.3 million with an average case fatality rate of 3.27%. Last Friday saw the highest number of daily new confirmed cases ever recorded worldwide, totaled at more than 300,000. Global mortality over recent weeks is lower than it was during the first peak in April.
  • The number of new cases is rising strongly in the European Union.
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  • The country with the highest number of new daily coronavirus cases and deaths is India which saw more than 1,000 deaths yesterday from the coronavirus and reported approximately 75,000 new cases. India has more confirmed coronavirus cases than any other nation except the U.S.A.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Armenia, Austria, Bahrain, Belgium, Burkina Faso, Burma, Ivory Coast, Croatia, Czech Republic, Denmark, Dominican Republic, Georgia, Hungary, India, Indonesia, Iraq, Israel, Italy, Jordan, Kuwait, Lithuania, Luxembourg, Mexico, Moldova, Montenegro, Morocco, Nepal, Netherlands, North Macedonia, Paraguay, Portugal, Romania, Slovakia, Slovenia, Switzerland, Trinidad, Tunisia, Turkey, U.A.E., the Ukraine, the U.K., and Venezuela.

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