08 Oct

Trump Receives A ‘Cure’ For COVID

October 8, 2020

By Orbex

US Government Hints at Revised Stimulus

The dollar index lost some momentum on Wednesday as it closed 0.18% lower.

Stimulus negotiations were originally postponed until after the US Presidential Elections. However, yesterday’s tweet from the president states that he stands willing to sign a legislative bill that provides further ‘fiscal cheques’ to households.

The FOMC meeting saw the Fed proclaim that its new policy is not an ‘unconditional commitment’ to keep interest rates near zero for years.

Meanwhile, President Trump cleared himself for a return to the White House.

He now looks ahead to the Presidential debate next Thursday. He stated that he wants all Americans to receive the same medication that he had, claiming that he received a ‘cure’ for COVID-19.

Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter




Eurozone On the Brink as Restrictions Continue

The euro shrugged off yesterday’s dollar rally, closing the session 0.23% higher.

ECB’s Lagarde looked ahead to the next generation of an EU recovery package. This comes after the eurozone’s inflation fell to -0.3% in September, a new record low.

The second wave across the continent is hitting home, as Italy has made wearing masks mandatory outdoors.

How many countries follow suit in desperation to keep the pandemic under wraps remains to be seen.

Brexit Trade Deal Enters Final Round of Discussions

The pound edged 0.27% higher on Wednesday as hopes of a Brexit deal continued.

Michael Gove, the UK’s most senior minister in charge of implementing a Brexit policy, believes there is at least a 60% chance of a deal being agreed upon.

The UK is prepared to make a major compromise to secure security ties with the EU without ripping up the human rights act.

However, there does remain an abundance of caution as both sides appear prepared to enter a war of attrition on the final outstanding issues.

Indices Get Back on Their Feet

US markets reversed this week’s losses on the back of Trump’s indication of a new stimulus bill.

The S&P and Nasdaq closed higher 1.7% and 1.9% respectively. However, the Dow was the main victor as it ended the session 2.3% up.

After abruptly calling off negotiations on a comprehensive bill on Tuesday, President Donald Trump later urged Congress to pass a series of smaller, standalone bills.

However, the chances of any relief being passed before November’s elections look bleak.

Gold on Course for $1900

Gold ended 0.58% higher yesterday as sentiment shifted from the greenback.

Renewed stimulus hopes supported the yellow metal as it reached lower levels earlier in the week.

As the presidential election enters the home stretch, could we see further upside towards record highs?

Oil Keeps its Head Above $40

Oil closed indecisively on Wednesday as the EIA reported its first weekly crude supply increase in a month.

This followed three consecutive weeks of declines as the inventory saw a build of half a million barrels for last week.

The $40 handle could be significant as low global demand persists.

By Orbex


investmacro stock market newsletter




Economics & Fundamentals Financial News