US dollar slides as risk appetite improves

July 8, 2020 21:51   Forexlive Latest News   Market News  

Stocks start strong
US equity markets are catching a big early bid and the S&P 500 is up 18 points to 3163. That’s weighing on the US dollar as the market falls in love with emerging market currencies and risk-sensitive currencies like CAD.

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Stock futures point to a small gain at the open

July 8, 2020 21:26   Forexlive Latest News   Market News  

S&P 500 futures up 5 points
 Look for a 5-point gain in US equities at the open after a 34-point decline in the S&P 500 yesterday. As usual, tech outperformed yesterday while the Russell 2000 underperformed.

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Gold makes a fresh 9-year high at $1807. What’s next

July 8, 2020 21:09   Forexlive Latest News   Market News  

The levels just keep falling
Gold stalled out for a time yesterday at the 2013 high of $1796 but broke through that and the $1800 barrier today. The bid just keeps coming now as it hits a fresh high at $1807, up $12 on the day.

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White House virus task force to hold press briefing at 11:30 am ET

July 8, 2020 20:40   Forexlive Latest News   Market News  

That’s 1530 GMT
Pencil in a vaccine or treatment ‘breakthrough’. There was all kinds of talk about an announcement along those lines yesterday but it didn’t materialize.

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Merkel: Progress in UK talks limited, we should prepare for possibility of no deal

July 8, 2020 20:35   Forexlive Latest News   Market News  

Comments from Merkel
She said progress in EU-UK negotiations “has been slim to put it diplomatically”.

“I will continue to push for a good solution but we should also prepare for a possible no-deal scenario.”

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GBP shrugs off tax announcements from Sunak

July 8, 2020 20:26   Forexlive Latest News   Market News  

Tax cuts don’t move the needle
The UK Chancellor cut the VAT on hospitality and tourism, temporarily lowered the stamp tax on home purchases and unveiled a 9B pound job retention plan but the FX market shrugged it off.

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UK’s Sunak: To temporarily cut stamp duty tax on home purchases up to £500,000

July 8, 2020 20:02   Forexlive Latest News   Market News  

UK to increase the stamp duty threshold to 31 March 2021
– VAT on hospitality and tourism to be cut for the next 6 months
– In August, we will give everyone an eating out discount

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UK’s Sunak: We will do all we can to give everyone job opportunities

July 8, 2020 19:49   Forexlive Latest News   Market News  

UK finance minister, Rishi Sunak, updates parliament on the government’s latest spending plans
– Our plan will protect and create jobs
– Job losses are the most urgent challenge we face

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ForexLive European FX news wrap: Gold breaks $1,800

July 8, 2020 19:45   Forexlive Latest News   Market News  

Forex news from the European trading session – 8 July 2020
– Major currencies little changed
– European equities lower; E-minis up 0.1%

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Merkel: EU needs unity for economic recovery plan

July 8, 2020 19:21   Forexlive Latest News   Market News  

Comments by German chancellor, Angela Merkel
– Expects ‘good cooperation’ with EU partners
– Germany determined to help EU overcome virus crisis
The next week or so is going to be crucial for European assets as all eyes will turn towards the progress on the recovery fund ahead of the 17-18 July summit. European Commission president von der

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US MBA mortgage applications w.e. 3 July +2.2% vs -1.8% prior

July 8, 2020 19:02   Forexlive Latest News   Market News  

Latest data from the Mortgage Bankers Association for the week ending 3 July 2020
– Market index 775.9 vs 758.9 prior
– Refinancing index 3,373.9 vs 3,359.2 prior

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Risk mood not hinting at much ahead of North American trading

July 8, 2020 18:45   Forexlive Latest News   Market News  

US futures keep close to flat levels while European stocks are softer
After a back and forth last two days, the risk mood today is looking rather tepid for the most part with investors looking towards Wall Street for more direction.

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