Market risk focus on recovery for the eventual economy from COVID-19

The United States dollar (US) declined and risky currencies, including ausie surged yesterday as market risk focused on recovery for the eventual economic recovery from the COVID-19 pandemic. Currencies are at risk of being hunted down, even compilation of signs to survive the corona virus is starting to relax. The WHO reported an increase in global corona virus reporting on Sunday, with North and South America showing the biggest increases. Meanwhile, solid economic data has raised hopes that the economy will rise again from business activities previously carried out to contain the spread of the virus. However, investors remain cautious that there will be a lockdown again. dollar index, lost six other major world currencies to 97.06.

The currency rebounded, rebounding with the ausie rose 0.91% over the dollar. Ausie's positive sentiment came after RBA Governor Phillip Lowe said that the recent increase in the ausie was not a problem and the level of the pandemic was not as bad as feared. Meanwhile, the loonie rose as markets focused more on the global economic rebound needed about the second wave of the corona virus.

The price of gold rose 0.60% yesterday in the range of $ 1,755 due to the still high interest in safe haven buying of the instrument. Gold prices rose, and even Wall Street's compilation was successfully relied on yesterday. Investors are still holding onto safe haven assets because there is a second wave of corona virus that might be approved for the resumption of economic activity. WHO data shows the virus that causes corona to surge in some countries with the most alarming problem being in Brazil.

Oil prices rose more than 1% yesterday due to tightening supplies from petroleum and reduced locking. Even though it is reliably limited because it Increases new cases, the virus might improve gasoline demand. The increase in oil was driven by an increase in the number of oil rigs in Canada and the US. The price of Brent oil rose 2.11% to $ 43.08, while WTI rose 1.79% to $ 40.46 per barrel. The two oil contracts rose about 9% last week, supported by demand due to key concerns and economic activity resuming. However, a surge in new cases of corona virus in the US replaced the increase. Meanwhile, OPEC + has not yet decided whether to extend the number of offers by 9.7 million bpd to last month, so that it will run until the end of August. On the other hand, Russia says $ 40 to $ 50 a barrel is a fair price for oil.

Asian stocks were poised to strengthen today after oil prices rose and technology stocks managed to push Wall Street overnight. Nevertheless, investors are still worried about the second wave of the spread of the corona virus, which could request the re-issuance of business activities. Australian stocks rose 0.58%, while the Nikkei index rose 1.34% and Hang Seng gained 0.80%.

Today's Focus: Japanese, Australian and Eurozone PMIs

Australia, Japan and Europe will release PMI data. Despite these improvements, PMI in these countries still shows contraction, both in the service and manufacturing sectors. In Germany, the manufacturing sector is estimated to contract 41.5 in June, better than the 36.6 contracted the previous month. While in the UK, the manufacturing PMI is expected to contract 45.2, while the service sector contracted 39.1.

[About The Author]

Fanny has started her self-learning of Forex since 2005 and has joined an Indonesian broker as a financial consultant in 2009. Through “trial and error”, she has learnt a lot from failure experiences. She is now a renowned trainers for the forex beginners and has helped the clients to get the profits from trade.

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