Let us check the market. The largest economy in the world might suffer without additional help. This is because of the possibility of a decrease in personal expenditure.
Consumer Confidence gauge of the Conference Board dropped sharply to 92.6 points in July. Pending Home Sales for June are out. Coronavirus cases in the United States have stabilized around 60,000 per day. Meanwhile, the seven-day rolling average of fatalities continues to climb. So, as a result, it topped 1,100.
The United States President Donald Trump is feeling optimistic that the vaccine will come shortly. Moreover, Anthony Fauci, a top epidemiologist, feels optimistic as well. He said regarding the vaccine that several Phase 3 trials are underway. There are some hopes that the test will finish in late autumn. Russia will reportedly approve their vaccine within two weeks.
This is despite the concern of hasty development and is described as a ‘Sputnik moment.’
The market is stable at the moment.
EUR/USD pair is holding above 1.17. The couple benefited from the agreement on the European Union fund and the upbeat German IFO business climate.
Moreover, there are concerns about rising COVID-19 cases.
GBP/USD pair is above 1.29, due to the fact that the United Kingdom extended its reopening. Thus, Brexit talks are going nowhere. A downbeat Australian inflation is projected. Thus, the AUD/USD pair trade around 0.7150. Both the headline and the core Consumer Price Index were negative in the second quarter. So, Coronavirus infections remain elevated there, causing the states of Australia to tighten travel restrictions.
USD/JPY is hovering around the 105 level. It is above the trough of 104.50. Since March it is the lowest indicator. Cases of COVID-19 in Tokyo remain elevated.
After the surge, cryptocurrencies have been consolidating their gains. XPR trades around $0.24, Ethereeum trades above $300, and Bitcoin trades around $11,000.
Before the next storm, the market has somewhat calmed.
That is the main news in the market.