Greenback’s Plunge Persists on Tensions Between the US and China, Coronavirus

Greenback’s Plunge Persists on Tensions Between the US and China, Coronavirus

The dollar continued to lose ground against most of its major rivals, but the JPY hit new multi-month lows across the board. The US dollar pulled away from stocks, Asian and European indices declined, and US indices mixed during the day. The decline appears to be a continuation of Tuesday’s unidirectional movement.

Market sentiment was poor amid escalating tensions between the US and China. The US State Department ordered Beijing to close its consulate in Houston within 72 hours while China is considering closing the US consulate in Wuhan. There was no news related to the trade agreement between the two countries, but this tense situation is bad news for future world trade.

The U.S. Senate is struggling to negotiate the next coronavirus relief package, which could potentially mean another $1 trillion.
Coronavirus Resurgence
Coronavirus: The pandemic continues to affect the global economy, with an estimated 240,000 cases reported in the past 24 hours, and more than 60,000 in the US. President Trump expressed concern about the outlook for a pandemic, saying the situation would get worse before will get better. The country will pay nearly $2 billion to receive hundreds of millions of doses of the Pfizer/BioNTech coronavirus vaccine that Americans will receive for free.

Gold rose to a multi-year high of $1,870 per troy ounce and will continue to rise. Crude oil prices are trading consistently at their recent highs, with WTI at around $42.00 a barrel.

Stocks are sinking in Asia and Europe. American indices struggled to post gains, with Wall Street mingling.

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.