Today the focus is on European relief funds hitting the market, US sanctions on Hong Kong, and concerns over the lack of a new US COVID stimulus package.
The European Year over Year Consumer Price Index (CPI) will be released. Projected at 0%, however, a lower result could be a negative driver for EUR.
The USD slid on Tuesday amid concerns about future COVID-19 stimulus packages. Affects USD
European stocks saw a rise as relief funds spread to hobbled industries. Affects EURO STOXX 50
British brand Marks & Spencer will cut another 7,000 jobs, a sign the COVID-19 crisis continues to hit the beleaguered retail sector. Impacts FTSE 100
U.S. homebuilding accelerated by the most in nearly four years in July. Impacts USD
Hong Kong will complain to the World Trade Organization (WTO) about a new U.S. requirement on Hong Kong-made products. Affects Hang Seng
As major markets and currencies continue to contend with the coronavirus traders have seen uncertainty with rising case numbers and unsteadying leadership. Investors are looking to precious metals as a better store of value than fiat currencies.
This pair has hit its current resistance level and has bounced into a potential downtrend.
The British index has shown a Three Inside Down pattern indicating a bearish trend.