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Euro declines as Coronavirus second wave spreads

Economies.com
2020-10-26 09:25AM UTC

Euro fell in European trade against dollar as a second wave of the coronavirus spreads, threatening to damage the global economy's hesitant recovery. 

 

EUR/USD fell 0.35% to 1.1813, after closing up 0.3% on Friday, closing near a five-week high at 1.1880. 

 

The common currency rose 1.2% last week, the third weekly profit in a row and the largest since July. 

 

Back then, investors hoped for progress in US Covid relief talks before the November elections. 

 

France and the US marked fresh record highs in Covid 19 daily infections for two subsequent days, while Spain announced a new emergency state. 

 

US House President Nancy Pelosi said she expects a response from the White House on Monday in regards to the financial relief package. 

 

Investors now don't expect the new rescue bill to be passed before the US Presidential elections, damaging sentiment further.

Asian stocks open mixed

Economies.com
2020-10-26 03:43AM UTC

Asian stock indices opened mixed with China, Japan and South Korea lower, while Australia, New Zealand, and Hong Kong gained ground, as Chinese Communist Party officials convene this week to plan out the next five years.

 

On the US front, chances of US Covid relief passing before the November elections evaporated as talks stall.

 

The US reported a new record Covid 19 daily infection rate, with Vice President Mike Pence reporting a positive Covid result. 

 

The World Health Organization reported 42.5 million global Covid 19 cases so far with the death toll standing at 1.147 million. 

 

Japan's TOPEX fell 0.17%, while Nikkei 225 declined 0.01% to 23,514. 

 

China's CSI 300 slipped 0.13%, while Shanghai declined 0.45% to 3,263. 

 

Hong Kong's Hang Seng rose 0.54%, while South Korea's KOSPI fell 0.26% to 2,354. 

 

New Zealand's NZX 50 rose 0.51% to 12,470, while Australia's S&P/ASX 200 climbed 0.08% to 6,172. 

Gold declines below $1,900 as dollar gains ground

Economies.com
2020-10-26 04:32AM UTC

Gold futures tilted lower in Asian trade off October 12 highs while the dollar index climbed from September 2 lows for the second session in four. 

 

Chinese Communist Party officials are convening this week to plan out the next five years, while on the US front, chances of US Covid relief passing before the November elections evaporated as talks stall.

 

As of 05:21 GMT, gold futures due in December fell 0.35% to $1,906 an ounce, while the dollar index rose 0.17% to 92.92. 

 

From the US, new home sales are expected up 2.8% to 1.025 million units in September. 

 

The US reported a new record Covid 19 daily infection rate, with Vice President Mike Pence reporting a positive Covid result. 

 

The World Health Organization reported 42.5 million global Covid 19 cases so far with the death toll standing at 1.147 million. 

USD/JPY resumes rebound from five-week trough

Economies.com
2020-10-26 06:18AM UTC

USD/JPY tilted higher in Asian trade off September 21 lows following earlier data from Japan and ahead of US data today. 

 

As of 07:05 GMT, USD/JPY rose 0.11% to 104.88, with an intraday high at 104.93. 

 

Earlier Japanese data showed services prices rose 3.1% in September, up from 1.1% in August. 

 

From the US, new home sales are expected up 2.8% to 1.025 million units in September. 

 

Chances of US Covid relief passing before the November elections evaporated as talks stall. 

 

Otherwise, the US reported a new record Covid 19 daily infection rate, with Vice President Mike Pence reporting a positive Covid result. 

 

The World Health Organization reported 42.5 million global Covid 19 cases so far with the death toll standing at 1.147 million.