- The USD/JPY currency pair made its lowest daily close in over 7 months yesterday, giving bears a statistical edge. Technically, the break below long-term support at 104.37 was an important bearish sign that lower prices are likely. The multi-month low price is at 104.00.
- Global stock markets fell again yesterday, as markets digest the fact that further economically damaging lockdowns may be imposed in several European nations as new confirmed coronavirus cases hit all-time highs. The situation in especially serious in France and Spain, both of which have now recorded more than 1 million confirmed coronavirus cases. We have begun to see a negative impact on the Euro.
- It seems extremely unlikely there will be a stimulus deal agreement between the Trump administration and the U.S. Congress before the U.S. election on 3rd November. Analysts and central bankers tend to see this step as vital for the U.S. and global economy.
- Forex markets are seeing the Japanese Yen as the strongest major currency, while the Euro is the weakest.
- Tightening opinion polling suggests that President Trump needs an approximately 1.9% swing from current polls in a few battleground states to win the U. S. presidential election on 3rd November, despite Biden’s considerably stronger polling lead nationwide. President Trump has seen polls tighten in his favor over the past two weeks.
- Coronavirus daily global death tolls have begun to rise again in recent days, with deaths in Latin America and the Caribbean falling to 30% of the global daily total, well exceeding those in both India (approx. 18%), the U.S.A. (13%), and Europe (approx. 20%).
- The European Union is now seeing more new coronavirus cases and deaths than any other area, with a short-term average of over 160,000 new cases daily. New restrictions are being imposed in several European nations, notably in Spain, Italy, and France. New cases and deaths are also rising strongly in the U.K. while Italy saw its highest daily death toll yesterday since April.
- Total confirmed new coronavirus cases stand at over 43.9 million with an average case fatality rate of 2.65%.
- India has more than 7.9 million confirmed coronavirus cases, more than any other nation except the U.S.A. which has confirmed more than 8.7 million cases. The U.S.A. is the country with the highest daily death toll, reporting more than 1,000 deaths yesterday.
- The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Algeria, Austria, Azerbaijan, Belarus, Bosnia, Bulgaria, Burma, Canada, Colombia, Croatia, Cuba, Cyprus, Czech Republic, Denmark, France, Georgia, Germany, Greece, Hungary, Iran, Italy, Jordan, Kenya, Kosovo, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Malaysia, Morocco, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, U.S.A., Ukraine, the U.A.E., and the U.K.
Forex Today: Yen Breaking to New Highs
By Adam Lemon
Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
High level of new coronavirus infections in Europe and the U.S.A. sparking fear of full European lockdowns