FOREX NEWS

ForexLive Asia FX news wrap: Risk assets in favour to open the week – ForexLive


Forex news for Asia trading Monday 6 July 2020 

A strong day for the risk trade across FX and Chinese equities with
any bad news shrugged off and good news (or even news not as bad as
expected) embraced. The US has become a global red-hotspot for
coronavirus outbreaks but the weekend numbers from the country showed
signs of improvement. Care must be taken given the holiday weekend is
likely to have impacted testing and reporting, add in alongside reports that
demands for ICU beds in the worst-hit parts of the country is
troubling supply means the US is not out of the woods yet. Cases in
Tokyo continue to climb, as do those in Australia.

Sentiment,
though, was very much risk on. The Shanghai Composite was up +3% at
one stage and other indexes in the country traded similarly. US
equities (Globex futures) were also strong on the session, up near
1%. In FX, AUD and NZD gained, and so did EUR, GBP against the USD.
Yen and CHF fell against the dollar. So far for the session AUD has
shrugged off the acceleration of COVID-19 cases in the country’s
second largest city, to a record +127 cases reported for the
preceding 24 hours and very harsh lockdown introduced in some areas,
harder lockdowns than previously. Further, the border between
Victoria and NSW (Australia’s two most populous states, by far) is
to be closed in response to the surge in Melbourne (capital city of
Victoria). 

AUD not bothered by any bad news, but for how long?

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