Russian President Vladimir Putin announced the approval of a vaccine for the Covid-19 virus developed by the same labs that developed vaccines for Ebola and Mers. Vaccinations for medical workers in Russia is expected to begin at the end of August.
The announcement came amidst skepticism from Western healthcare professionals. However, Russia has already received preliminary applications from several countries and made agreements to produce the vaccine with 5 partner nations.
The US Consumer Price Index (CPI) and the Core CPI for July came in today slightly higher than expected. Median forecasts had put U.S. consumer prices up 0% and the Core CPI up 0%, but the actual figures surpassed these numbers at 0% each.
Market reaction to the numbers was not significant in any of the major indices and at time of writing the Dow Jones was up about 20 points from yesterday’s close. The S&P 500 was similarly up slightly by 30 points.
However, the NASDAQ has already nearly erased losses from yesterday.
Assets for trading: NASDAQ.
New Zealand has reported new cases of Covid-19 outside quarantine. Affects EUR/NZD, AUD/NZD, GBP/NZD
Uk GDP plunges by 20% for the 2nd quarter, enters worst recession on record. Affects GBP/USD
American savings reach 33% of income to hit new record. Affects USD, Dow Jones, S&P 500
Apple and Tesla announce stock splits for late August. Affects Apple and Tesla stocks
The Euro has gained some ground on USD with the short term EMA crossing the long term SMA upwards. Meanwhile the RSI shows that there is still room for growth before the pair hits the overbought zone providing some opportunities for traders.
The Candian dollar has been making huge advances against its U.S. counterpart today, but the selloff may be losing its momentum. Currently, the RSI is showing that the pair is definitely oversold and ripe for a rebound before close of business.
Bitcoin may be making another run at the $12,000 level. The short term averages have advanced above the long term or are very close in several time charts with no sign of the cryptocurrency being overbought. Look for some short term profits on the momentum.
Financial News on This Day in History
1920 – Charles Ponzi is arrested for fraud after taking in over $6 million from investors and using new money to pay off existing investors in a pyramid scheme. Such ventures have since been known as “Ponzi schemes”.
1981 – IBM launches the “personal computer” at a price tag of $1,265 and equipped with a whopping 16kb of Ram and 40kb of ROM.