Today's Focus: Spread of US Viruses & Jobless Claims| KOL Analysis•Fanny Arianti Arief

The dollar weakened to a two-week low yesterday, indicating a reduced safe interest in the currency, after US technology stocks rallied and commodity prices strengthened, although sentiment remained vulnerable amid increasing numbers of corona virus cases in the world, especially in the US. the Nasdaq index rose 0.8%, after yesterday's decline, increasing sentiment for currencies related to risk assets. The euro rose to a three-week high, while commodity currencies, such as the aussie, kiwi and loonie strengthened. The dollar is usually seen as safe-owned whenever there is a pandemic revival, which could threaten the global economic recovery. However, analysts see that the stock rally will not end soon amid stimulus by the world government. Meanwhile, the US Centers for Disease Control and Prevention (CDC) said the number of cases of the virus increased by 50,304. The dollar index fell 0.5% to 96.444.

Sterling successfully recovered and then rose 0.6% to $ 1.2588, after British finance minister Rishi Sunak promised 30 billion pounds ($ 37.7 billion) to prevent the unemployment crisis by paying companies to bring back leave workers and cut taxes for hospitality companies and home buyers.

Gold prices rose to above $ 1,800 yesterday for the first time since 2011, with analysts expecting further increases as investors buy assets they expect will maintain their value amid soaring cases of the corona virus in the world. The economic and political uncertainties caused by the COVID-19 pandemic, as well as the central bank's continuing policy to tackle the slowdown in growth, have flooded the market with cash. Such conditions are favorable for gold.

Oil prices rose yesterday to their highest level since March thanks to rising US oil imports and falling gasoline reserves, which confirms rising energy demand, despite rising domestic oil reserves. A report from the Energy Information Administration (EIA) said that US oil reserves rose by 5.7 million barrels. This figure contrasts with the previous week's data which decreased 7.2 million barrels and the figure is against analysts' forecast decline of 3.7 million barrels. Previously the API reported an increase in oil of around 2 million barrels. Meanwhile, total US clean oil imports were at 5.01 million bpd, up from 2.88 million in the previous week. Commercial crude oil imports reached 7.39 million barrels, up from 5.97 million. EIA also reported gasoline reserves fell 4.8 million barrels. While oil reserves at the storage center in Cushing, Oklahoma rose 2.2 million barrels.

Asian stocks are expected to strengthen today, as hopes of a strong economic recovery offset concerns over the growing number of Covid-19 pandemic cases. In addition, investors will also see the results of company earnings. Australia's S & P / ASX 200 index futures are up 0.85%, the Nikkei 225 Index is up 0.16%, and the Hang Seng index futures are up 0.82%.

Today's Focus: Spread of US Viruses & Jobless Claims

The lack of economic data released has made investors focus on the development of corona virus cases in the world, which has now reached more than 11 million cases. The US is still a global epicenter of the spread of the virus, with 131.336 cases. The increasing number of cases of viruses has pushed investors back to glance at safe haven. While the data that is worth listening to today is US jobless claims.

[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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