The US Dollar Is Growing Amid COVID-19 Concerns

by JustForex

The US currency has been growing relative to a basket of currency majors amid falling stock markets. Traders have started buying safe assets due to renewed fears over COVID-19. Investors are concerned that an increase in COVID-19 cases in Europe and a downturn in enthusiasm for new stimulus in the US against the election race could impede global economic recovery from the coronavirus pandemic. The US dollar index (#DX) closed in the red zone (+0.79%) yesterday.

Today, speech by the head of the Fed Chairman Jerome Powell, which will take place today on the Capitol Hill, is in the spotlight. The official will talk about a number of emergency measures that the regulator has taken to help the US economy after the coronavirus epidemic. Secretary of the Treasury Steven Mnuchin will also give a speech.

The “black gold” prices are consolidating. At the moment, futures for the WTI crude oil are testing the $40.15 mark per barrel. At 23:30 (GMT+3:00), API weekly crude stock will be published.

Market indicators

Yesterday, there was a variety of trends in the US stock market: #SPY (-1.11%), #DIA (-1.84%), #QQQ (+0.24%).

The 10-year US government bonds yield is consolidating. The indicator has reached 0.67-0.68%.

• – Existing home sales in the US at 17:00 (GMT+3:00).

We also recommend paying attention to the speeches by the heads of the Fed, the Bank of England and the ECB representatives.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.