Today's focus: EU Economic Forecasts & EIA| Daily Forex Analysis•Fanny Arianti Arief

The dollar strengthened against other major world currencies yesterday due to the increased spread of the corona virus and lockdown which has re-run in several countries, reducing risk appetite. The US dollar, which is seen as safe haven benefits when investors move away from risky assets. Risk currencies, such as Ausie, Norwegian Krona and Swedish Krona, which have rallied since April thanks to increased risk appetite, were corrected yesterday. In the city of Melbourne, Australia, re-applied lockdown. While in the US, Florida has also stopped opening the economy when the virus cases jumped tens of thousands nationally and the death toll has reached 130 thousand. US medical expert Anthony Fauci said yesterday that the current situation of the COVID-19 outbreak in the United States was “really not good.” The dollar index gained 0.15% to 96.889.

Amid the strengthening of the dollar, which was driven by concerns about increasing corona virus infection in the US, which drove investors to flee to safe haven, the pound managed to record gains. The GBP / USD pair strengthened 0.51% thanks to optimism that UK and EU trade negotiators could find common ground in negotiations to be held this week.

Yesterday's gold price rally, approaching the psychological level of $ 1800 per ounce, was driven by a surge in the Covid-19 case that boosted expectations of accommodative monetary policy measures, as well as increased safe-haven demand. Spot gold prices rose 0.63% to $ 1795.85 an ounce, while US gold futures rose 0.8% to $ 1807.30. So far this year, the precious metal has gained 18% in line with the increasing number of Covid-19 cases, which has prompted US cities to cancel reopening.

Oil rally stalled after the American Petroleum Institute (API) reported US oil reserves had increased by 2.048 million barrels last week. Analysts expected a decline of 3.114 million barrels. In the previous week API reported US oil reserves had decreased by 8.156 million barrels, after analysts had expected a smaller increase. The decline is the biggest decline this year. API also reported gasoline reserves fell 1.825 million barrels, and distillation reserves fell 847 million barrels. Before the API data, the price of oil had dropped slightly, where the increase in the corona virus case also did not put too much pressure on prices. Meanwhile, the EIA report showed that US oil production has now fallen from 13.1 bpd in March to 11 million bpd on June 26. WTI oil prices edged down 0.49% to $ 40.43, while Brent fell 0.46% to $ 42.90.

Asian stocks opened mixed today. Australia's S & P / ASX 200 stock index fell 0.50%, while the Nikkei index rose 0.11% and the Hang Seng index rose 0.39%. In the US, three major Wall Street indexes fell after the US reported tens of thousands of new corona virus infections which finally hit market optimism about economic recovery.

Today's focus: EU Economic Forecasts & EIA

Not so much data today, except for some data that is medium impact. In Europe, there is the EU Economic Forecasts, which will give an overview of the economic prospects of countries in the bloc region. While the US data, there are oil reserves data version of the Energy Information Administration (EIA) which is expected to fall 3.2 million barrels.

[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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