Forex Today: Stock Markets Rebound – 10 September 2020

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on September 10, 2020

Risk recovery not driven by data or news event

S&P 500 up by 2%; NASDAQ 100 up by 1.4%; Nikkei 225 up by 0.7%

  • Almost all global equity indices rose quite strongly yesterday. The more recent Asian session saw the main Japanese stock index make a healthy rise.
  • Technically, it appears the recent stock market selloff is a natural correction and not a significant trend change.
  • The U.S. Dollar weakened a little yesterday in line with the long long-term bearish trend established following June’s “death cross” in the USD Index.
  • The Forex market yesterday saw riskier currencies bounce back against the USD and JPY, with the British Pound the weakest and the Euro the strongest of all other major currencies.

  • Coronavirus global death tolls have been falling for more than 4 weeks, with deaths in Latin America and the Caribbean at 42% of the global daily total, well exceeding those in both the U.S.A. (14%) 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 27.7 million with an average case fatality rate of 3.25%. 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 India, the European Union, and the U.K.
  • The country with the highest number of new daily coronavirus cases is India which again saw more than 1,000 deaths yesterday from the coronavirus and reported approximately 95,000 new cases. India has more confirmed coronavirus cases than any other nation except the U.S.A.
  • Yesterday three nations saw more than 1,000 coronavirus deaths: India, the U.S.A., and Brazil.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Austria, Bahrain, Belgium, Belize, Burkina Faso, Burma, Ivory Coast, Canada, Costa Rica, Czech Republic, Denmark, Dominican Republic, France, Georgia, Hungary, India, Indonesia, Iran, Iraq, Israel, Italy, Jordan, Kuwait, Lithuania, Luxembourg, Montenegro, Morocco, Netherlands, Paraguay, Russia, Slovakia, Spain, Switzerland, Trinidad, Tunisia, Turkey, U.A.E., Ukraine, the U.K., Uruguay, and Venezuela.  

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