Forex Today: Fear returned, the dollar won

Here is what you need to know on Wednesday, July 8:

The coronavirus spread was once again the main and only market motor. It started with the  Australian government announcing a six weeks lockdown in all Metropolitan Melbourne and other surrounding cities amid a new outbreak with 191 new COVID-19 CASES reported.

Brazil’s President, Jair Bolsonaro,  has tested positive for coronavirus. Bolsonaro has refused to use lockdown as a toll to battle COVID-19, calling it a “little flue.” Brazil has reported over 1.8 million cases and over 66K deaths, the second most compromised country behind the US.

WHO leader, Dr. Tedros, announced he will travel to China on the weekend to prepare a study on the origins of the virus. He added that the pandemic is in full expansion, and the world has not yet left the worst behind.

Equities closed in the red worldwide, although the Nasdaq Composite hit an all-time high before turning red.

The dollar seesawed between gains and losses against its major rivals, ending the day mixed. EUR/USD trades around 1.1270, GBP/USD extended its advance to 1.2590, ignoring the lack of progress in Brexit talks.

Gold soared to $1,797.50 a troy ounce a new multi-year high amid the broad dollar’s weakness combined with the risk-averse mood.

Crude oil prices eased by the end of the day, dragged lower by Wall Street. WTI closed the day unchanged a few cents above $40.00 a barrel.

Cryptocurrency Market News: Twitter users can send Bitcoin and crypto to each other thanks to a new service

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD extends gains as ADP NFP disappoints with only 167K

EUR/USD is trading above 1.1850, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields.


XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades well above 1.31 amid dollar weakness

GBP/USD is advancing towards this month high at 1.3169, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. US Services PMIs are eyed. The ADP NFP missed with 167K.


ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News