US President Trump: 40% of counties have seen decline in new coronavirus cases

Anil Panchal FXStreet

During his regular coronavirus (COVID-19) taskforce briefings, US President Donald Trump mentioned that over 40% of counties have seen a decline in new COVID-19 cases.

Key quotes

40% of counties have seen a decline in new coronavirus cases.

We’re very close to a vaccine.

To keep the momentum against coronavirus, every American needs to maintain social distancing and voluntary use of face covering.

May need to extend social distancing guidelines to early summer.

Will be extending distancing guidelines until we feel safe.

FX implications

As the voting on the $484 billion stimulus continues in the House, the market seems to await the final results, most likely passed, while paying a little heed to the news so far during the early Asian session on Friday.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

GBP/USD holds gains near 1.3300, NFP data eyed

GBP/USD gains traction to near 1.3300 in the European session on Thursday. The British Pound strengthens against the US Dollar as the UK's likely next Prime Minister, Andy Burnham, has eased market concerns by pledging strict fiscal discipline. The US Nonfarm Payrolls data for June will take center stage later on Thursday.

EUR/USD climbs above 1.1400 ahead of US NFP

EUR/USD trades in positive territory above 1.1400 in the European session on Thursday, supported by the renewed selling pressure surrounding the US Dollar. Investors await the June employment report from the US, which will feature the critical Nonfarm Payrolls data.

Gold extends recovery toward $4,100 ahead of key US data

Gold (XAU/USD) gathers bullish momentum and rises toward $4,100 in the European session on Thursday. The US Dollar (USD) stays under selling pressure and allows XAU/USD to push higher as market focus shifts to June employment data from the US.

Ripple and Stellar build on recovery as traders turn cautiously bullish

Ripple and Stellar extend recovery as improving market sentiment supports a rebound. XRP trades above $1.05 while XLM climbs past $0.199. Traders should remain cautious, as mixed on-chain and derivatives data indicate a modest bullish bias, and further upside may depend on sustained buying momentum.

Nonfarm Payrolls set to grow by over 100K in June, reinforcing bets of upcoming Fed rate hikes

The United States Bureau of Labor Statistics will release the Nonfarm Payrolls data for June on Thursday at 12:30 GMT. Investors expect NFP to rise by 110K following three consecutive months of surprisingly strong increases. Investors are pricing in a hawkish Federal Reserve policy outlook with the new Chairman Kevin Warsh at the helm.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.