Forex Today: Stocks Rally – 29 September 2020

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on September 29, 2020

Stock markets recover from recent falls as the week begins

  • Stock markets mostly rose yesterday, with the S&P 500 Index making a bullish bounce between its 200-day and 50-day moving averages.
  • Technically, it appears the recent U.S. stock market selloff was a natural correction and not a significant trend change. It seems somewhat likely the recovery will continue.
  • The U.S. Dollar is the weakest major currency right now, while the British Pound and the Australian Dollar are the strongest.
  • The U.S. Federal Reserve’s 2019 Survey of Consumer Finances reveals improvements in income and wealth distributions in the U.S. since 2016, most notably in gains by certain socioeconomic groups who have typically performed poorly over recent decades.
  • The management of the Bank of England continues its public debate over the efficacy of potential negative interest rates in the U.K.
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  • The global coronavirus death toll has passed 1 million.
  • Coronavirus daily global death tolls have been rising slightly over the past 2 weeks, with deaths in Latin America and the Caribbean falling to 38% of the global daily total, well exceeding those in both India (20%), the U.S.A. (14%), and Europe (approx. 8%). The number of new cases has been rising quite strongly in the European Union and the U.K. with the latter and the Netherlands introducing new restrictions aimed at curbing the spread.
  • Total confirmed new coronavirus cases stand at over 33.2 million with an average case fatality rate of 3.01%. Global mortality over recent weeks has been lower than it was during the first peak in April.
  • India has more than 6 million confirmed coronavirus cases, more than any other nation except the U.S.A. India is now seeing more new deaths daily than any other country with over 780 deaths reported yesterday.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Argentina, Armenia, Austria, Belarus, Belgium, Belize, Brazil, Bulgaria, Burma, Canada, Costa Rica, Croatia, Czech Republic, Denmark, Ecuador, Estonia, Finland, France, Germany, Greece, Guatemala, Honduras, Hungary, Iceland, Indonesia, Iran, Iraq, Ireland, Israel, Italy, Jordan, Lebanon, Lithuania, Malaysia, Mexico, Moldova, Morocco, Nepal, Netherlands, North Macedonia, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Sweden, Tunisia, U.A.E., Ukraine, the U.K., and the U.S.A.

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