Positive sentiment, but for how long?
- UK's rising debt problem
- Reasons for more EURCHF downside
- Energy firms shut 58% of US Gulf of Mexico oil output
- Why are the death rates for COVID-19 falling even as cases rise?
- European equity markets well in the green, but sensible bond market says...
- AUDNZD upside bias in place
- SNB total sight deposits w.e. 21 AUG CHF 700.0 bn vs CHF 698.9 bn prior
- AUDJPY bouncing off key weekly trend line
- European trade ideas - August 24
- GBPUSD at key crossroads ahead of Jackson Hole.
- Kremlin critic Navalny's death prevented by Siberian doctors
- Japan PM Abe leave hospital
Other markets
- US Oil : +0.78%
- BTCUSD: +1.36%
- Gold: +0.51%
- SP500 futures: +0.35%
The USD has shown broad weakness on the session as risk on sentiment has dominated.
The session started very slowly with narrow ranges across the major pairs. The general sentiment was positive on news from the handover that the US is planning to allow emergency use of plasma in the treatment of COVID-19and potentiallyfast track the Astrazeneca/Oxford vaccine trials. The national race to get a vaccine was well and truly started with the Russians giving their vaccine the title 'Sputnik'. This was meant to bring back 'space race' memories and a rallying call for Russian patriotism/nationalism.
The risk on sentiment was well and truly embraced by the European equity markets which saw strong gains from the start of the session. The AUDNZD pair saw some bids on the strength of the high beta AUD and NZD weakness after the RBNZ extended their lockdowns.
The USD continued weakening too on the risk on tones and that allowed the Dollar Index to push under 93. The EURUSD of course rose in tandem with the DXY falling and made some headway above the 1.1800 handle. Small moves though in the big scheme of things.
The rest of the session was pretty uneventful in which has been my quietest day to cover the site during Justin's absence. Take care everyone and I will be back posting my usual daily contributions once back from my holiday on September 3.
