California Gov. Lucent says hospitalizations are rising at a slower pace

Ross J Burland FXStreet

California Gov. Newsom said that hospitalizations are rising at a slower pace when he spoke in a press briefing.

California’s trends in tracking the novel coronavirus showed familiar patterns over the weekend, with the majority of new cases coming from Southern California.

As per yesterday's general outlook on the US situation, US cases at a critical mass spells danger for DXY.

R is now above the critical level of 1 in all but five of the US’s 50 states

Fulcrum economists have developed a new model. It suggests that the virus’s effective reproduction number, known as R, is now above the critical level of 1 in all but five of the US’s 50 states.

In an article within the Financial Times, it was argued that the US COVID-19 surge could trigger a double-dip recession: US COVID-19 surge could trigger a double-dip recession – FT

If the DXY continues to unwind, and should there be a breakthrough of the deadlock in the EU's coronavirus rescue package soon, we could see the euro take-off.

The Chart of the Week: EUR/USD to complete a reverse H&S prior to next leg higher?

Additionally, gold is alluring bids to a critical and psychological level on the charts:

Gold marks a conspicuous high invigorating much market scrutiny

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY declines toward 157.00 as Yen gathers strength after BoJ

The Japanese Yen gathers strength on Friday, with USD/JPY falling toward 157.00 in the second half of the day. The Bank of Japan (BoJ) decided to leave monetary policy settings unchanged at the October meeting, as expected. In the post-meeting press conference, BoJ Governor Ueda reiterated that they will continue to raise the policy rate and adjust the degree of monetary easing in reponse to economic activity and prices.

Gold slips below $4,000 despite risk-off mood as hawkish Fed expectations weigh

Gold (XAU/USD) remains under pressure on Friday, slipping to $3,965 during Asian trading hours, its lowest level since July. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory. At the time of writing, XAU/USD trades around $3,979, down nearly 1% on the day.

The hawkish Fed can't lift the US Dollar anymore

About three more Federal Reserve hikes are already priced in, and the central banks behind the Euro, Pound, Yen and Loonie are raising rates or about to. That leaves the US Dollar Index with little to gain if the Fed keeps leaning toward higher rates.

Binance hack shakes crypto, but XRP pullback may not be so bearish

Crypto markets were hit by a big headline overnight. Binance confirmed a security incident in which a compromised engineer's laptop led to unauthorized withdrawals, with an estimated impact of around $6.3 billion. About $3 billion has been frozen so far, Binance says it will cover the losses, and withdrawals were paused while security checks are completed.

A hot US economy is supposed to sink Gold. It didn't. Here's why

Gold (XAU/USD) remains under pressure near $4,000, as stronger-than-expected United States (US) economic data reinforce expectations of another Federal Reserve (Fed) interest rate hike in December. Economic growth is accelerating, inflation remains elevated, and borrowing costs could rise further.