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31FX Blog

Economic Events This Week – July 20, 2020 – July 24, 2020

31FX – Coronavirus makes market uncertainty as tolls increases in the US. Hopes for a breakthrough in the EU Summit are keeping the euro bid. 

Headlines for this week

US Coronavirus

COVID-19 cases have topped 3.7 million and deaths surpassed 140,000. New figures are set to move markets later in the day.

EU Summit

Headlines coming out of the fourth day of leaders’ talks in Brussels are suggesting that the Netherlands and the other “frugal” countries” are willing to accept €390 billion in grants.

Gold

Gold has stabilized above $1,800 after dipping below the round level last week.

UK

The UK is set to cancel its extradition treaty with Hong Kong, following China’s tighter grip over the city-state, angering Beijing. 

GBP/USD

GBP/USD is moderately lower, under 1.2550. 

AUD/USD

AUD/USD is struggling under 0.70 as efforts to suppress the spread of coronavirus seem to have stalled and new restrictions are on the cards. 

WTI/OIL

WTI Oil is stable above $40

Cryptocurrencies

Cryptocurrencies are edging lower, with Bitcoin dipping under $9,200. 

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