Forex Today: Fear and US election
|Here is what you need to know in June, June 22:
The dollar appreciated against most of its major rivals at the end of the week, as coronavirus-related concerns weighed on equities and the market’s mood. Several companies reported the close of their US stores amid resurgent coronavirus cases, with the focus in Florida, Texas, and in general, the region known as the Sun Belt. US President Trump refuses to go back into lockdown.
In general, data beat expectations but continued to show steep economic downturns worldwide.
The EUR/USD pair finished the week at 1.1175, around the 38.2% retracement of its latest daily advance. The GBP/USD pair established at 1.2350, both at their lowest levels since June 1st.
Commodity-linked currencies came under selling pressure at the end of the week, weighed by the sour tone of equities. Gold prices soared, with spot ending at $1,742.70 a troy ounce, although crude oil prices retreated alongside equities.
US President Trump kick-started its election rally last Saturday in Tulsa, Oklahoma. Once again, he blamed China on the global spread of coronavirus, calling COVID-19, “Kung-Fu.” According to data released the same day, the Republican National Committee raised $74 million in May for Trump’s campaign. Also, the campaign came under fire for using a symbol once used by Nazis in some Facebook ads — a red inverted triangle- that Facebook already removed.
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