Biden Leads After Democratic Convention

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Jobless Claims Give US Economy More to Think About

The US index could not hold onto recent gains as it closed below 93 yesterday.  

Thursday’s gain was short-lived as the US jobless data climbed above 1 million again indicating a slow labor market recovery.

The White House is still embroiled with Nancy Pelosi over talks of another round of coronavirus relief. The chamber convenes this weekend to vote on a bill to extend unemployment benefits.  

As the Democratic National Convention came to an end, Joe Biden officially accepted the Democratic presidential nomination. Biden currently holds a lead in the national polls in both the popular vote and the electoral college count.

Now will be the turn of the Republican party to show America their intentions for the next four years.

Eurozone Under Fire as Further Unemployment Looms

The euro managed to close 0.17% over the dollar on Thursday.

However, this gain was minimal in relation to the current weak dollar with the EURUSD failing to test the 1.19 psychological area.  

The ECB monetary policy minutes announced that the eurozone is likely to suffer a sharp increase in unemployment as we move towards 2021. ECB officials remain on high alert with uncertainties relating to further stimulus and pandemic woes.

UK Boosted on Economic Data but How Long Will It Last?

The pound almost fully retraced its losses yesterday closing 0.92% higher against the dollar.

The recent Gfk consumer confidence figures show no change from the previous month indicating confidence in economic activity.

The hospitality sector improved vastly as consumers took advantage of the Government’s half-price meal scheme when dining out.

Today the attention will turn to retail sales and PMIs. In addition, Brexit related headlines to see if any progress has been made in this week’s talks.

US Indices at Record Highs

The US indices rebounded against the FOMC release as the continuation of record highs ensued.

Apple, Microsoft, Amazon, and Facebook all witnessed gains on Thursday which helped prop up the main indexes.

The Nasdaq closed up 1.06% with continued strength in the technology sector as Tesla surpassed the $2,000 share level.

Gold stumbles on Rebound

Gold made an attempt to recapture its status above $2,000 as it closed 0.94% higher yesterday.

Traders will also be looking at updates on Russia’s vaccination trails that are starting next week. The phase three trial will involve more than 40,000 thousand people.

As we move towards the weekend negative PMI data later today could be significant for risk appetite.

WTI Remains Elevated

Oil closed indecisively on Thursday after regaining a $1 intraday move on the downside.

All OPEC, API and EIA reports this week maintained oil’s lofty push to the $43 area.

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