US President Trump holds press conference: Long-term shutdown is not viable

Ross J Burland FXStreet

US President Donald Trump is speaking at a press conference and has said that Long-term and blanket shutdowns are not viable.

Key comments

Governors that were extremely popular are not so popular anymore," in us states seeing a resurgence of covid19 cases, I'm not even saying it's their fault."
Numbers are coming down significantly.
We need plasma.
Wants temporary extension of extra unemployment benefits.
Popular are not so popular anymore," in us states seeing a resurgence of covid19 cases, I'm not even saying it's their fault."
US President Trump: Do not want to see delay in 2020 election but…

Market implications

Meanwhile, the US dollar is under immense scrutiny, down 0.32% on Thursday.

DXY: Dollar liquidity plentiful thanks to the Fed, markets increasingly bearish on US outlook

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.

USD/JPY bulls pause near 160.75 amid intervention risks

USD/JPY is consolidating below 160.75 in Thursday's Asian trading, with intervention fears lending support to the Japanese Yen and capping the pair's upside amid a modest US Dollar downtick. The signing of a US-Iran peace deal to end the war and reopen the Strait of Hormuz undermines the Greenback's reserve-currency status.

AUD/USD rebounds toward 0.7050 on US-Iran deal optimism

AUD/USD bounces back toward 0.7050 in the Asian session on Thursday as the US Dollar retreats from its highest level since late March, touched in reaction to the Fed's hawkish tilt the previous day. The US and Iran electronically signed a MoU aimed at ending the war and reopening the Strait of Hormuz, boosting investors' confidence and undermining the safe-haven USD.

$4,300 reclaimed: Gold bounces as US-Iran peace deal signing offsets Fed’s hawkish hold

Gold is reversing the previous slump early Wednesday, regaining $4,300 after finding fresh buyers near $4,250. The US Dollar retreats as US-Iran peace deal optimism overshadows hawkish Fed outlook. Technically, Gold needs a sustained break above the 21-day SMA near $4,390 to revive the recovery.

Bitcoin loses $65,000 while Ethena and Stellar advance

The broader cryptocurrency market remains divided with Bitcoin slipping below $65,000 on Thursday after Kevin Warsh’s hawkish speech the previous day, while altcoins like Ethena and Stellar advance upwards. Demand for altcoins with real-world utility, linked to stablecoins or tokenized stocks or bonds, fuels the short-term buying pressure.

A new era for the Fed

The Fed has shifted to a more hawkish stance at the first meeting chaired by Kevin Warsh. Although rates were left unchanged, there will be meaningful adjustments to how the Federal Reserve operates in the coming months and years. There are two main takeaways from today’s meeting, firstly what the Fed did, and secondly, what they are planning to do.

Why a hawkish RBA is no longer enough to lift the Australian Dollar

The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.