Forex Today: Coronavirus concerns motivate dollar domination, commodity

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Forex Today: Coronavirus concerns motivate dollar domination, commodity currencies climb all along

Markets kick off the week around the further foot as coronavirus cases rise in the US Sun Belt, Beijing, and Tokyo. The dollar and the yen are happening, though others, especially commodity currencies, are plus to. A tall-level call concerning Brexit, several data points, and totaling COVID-19 figures are of motion.

Coronavirus spreading: Cases and hospitalizations continue increasing in California, Texas, Arizona, and occurring for 20 new US states, causing fears of a slower economic recovery.

Senior White House Adviser Larry Kudlow continues seeing a V-shaped recovery, commendation the economy. On the added hand, he rejected calls to extend the special unemployment payments, which expire at the delay of July. That may slow the bounce.

US racial tensions remain tall after a policeman fatally shot a black man in Atlanta. Protests continue in the US, and the topic is high going concerning the order of for the agenda ahead of the elections.

The Empire State Manufacturing Index and a speech by Robert Kaplan, President of the Dallas branch of the Federal Reserve are in footnote to the agenda.

China: A COVID-19 outbreak has been reported in Beijing, and the Chinese capital closed the length of several sections and markets. Industrial output rose by 4.4% and retail sales fell by 2.8%, both showing the world's second-largest economy is recovering but missing expectations.

Japan: Cases in Tokyo have jumped by 47, the most by now into the future May. The Japanese yen continues benefiting from its safe-port status.

Europe continues reopening: France and Spain are both relaxing measures and attempting a recompense to innocent. EUR/USD is weathering Monday's dollar strength and holding behind reference to 1.1250. The trade description is due out sophisticated.

The UK is commencement non-snappish shops upon Monday as it gradually loosens restrictions. GBP/USD suffered a significant downfall upon Friday and has been extending its losses knocked out 1.25.

Brexit: UK Prime Minister Boris Johnson and several leading European officials will maintain a video call to discuss deadlocked Brexit talks. Britain told Brussels it will not ask to extend the transition times that expires year-decline, yet several lawmakers in London are urging the handing out to reconsider.

Gold has been edging demean but holding above $1,720. The pessimistic metal benefited from the Federal Reserve's pessimism and ongoing maintenance.

Oil prices continue their accumulate less, in the middle of WTI dropping below the $35. The risk-off setting is the primary driver.

Cryptocurrencies have been declining, considering Bitcoin holding approximately $9,100.

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Alas, coronavirus has greatly affected the economies of many countries, and as a result, Forex.