Forex

Surging global equity markets took a breather overnight, as consideration was given to the virus outbreaks in the Southern States of the USA and a flare up in Melbourne. The viral out-breaks are starting to impact the economies, as the authorities start to re-impose restrictions, as seen in Melbourne. Melbourne has seen a big flare up and has since put the Melbourne Metro area into another 6 week lockdown. The economic impact could be dramatic, for already fragile small business? The GBP continued to post gains, trading 1.2550, while the EUR fell below 1.1300, following a less than impressive German

Global markets surged to welcome the new week, despite large increases in the spread of the coronavirus, in the Southern US States. Chinese stock markets rallied over 5%, while Europe followed the trend, with economic data confirming strong results, as global economies reopen. The US followed suit, with the tech-heavy NASQAQ hitting new record highs, following last weeks massive gains and historically high labour market numbers. The US Non-Manufacturing PMI spiked up to 57.1, confirming the ‘V-shaped’ recovery. The Dollar continued to ease, with the EUR regaining 1.1300, while the GBP approaches 1.2500. The trade exposed commodity currencies were also

US Markets were closed Friday, for a shortened Independence Day holiday weekend, but booked some solid gains after strong employment data. Non Farm Payrolls added 4.8 Million jobs, for the month, and the previous month was revised higher! The strong data was reflected in the headline Unemployment number, plunging to 11.1%, from 13.3%. These are all huge historical records and confirm the much vaunted ‘V-shaped’ recovery. The Dollar remained steady, with the EUR trading 1.1250, while the GBP climbs towards 1.2500. European markets were softer, to close out their trading week, due to fears over the spike in US coronavirus