Forex Today: Gold Trading Above $1,750

Risk appetite continues to hold up

• Stock markets are rising weakly, with the Nikkei 225 up by 0.26% in late Tokyo trading.
• The price of Gold may be set for a multi-year high closing price if it continues to trade above $1,750 today.
• Friday saw a record number of new confirmed coronavirus cases worldwide, as the WHO warns that the pandemic shows no sign of slowing and is moving into a potentially more dangerous phase. The U.S. reports 30,000 new cases, its highest daily tally since 1st May.
• In Forex, the Australian Dollar is the strongest major currency, while the Japanese Yen is the weakest currency right now.
• Coronavirus deaths globally are rising again after peaking on 18th April, especially in India, Mexico, and Brazil.
• Coronavirus deaths in Latin America and the Caribbean are 46% of the global daily total, well exceeding those in both the U.S.A. (12%) and Europe (approx. 13%) which shows that the epicenter of the pandemic is in South America. Asia is seeing about 17% of global deaths.
• Latin American currencies can give great price movements.
• Total confirmed new coronavirus cases stand at over 8.9 million with an average case fatality rate of 5.24%
• Brazil continues to see more daily deaths from coronavirus than any other country in the world.
• The rate of new coronavirus infections appears to be increasing most quickly in Brazil, the U.S.A., India, Saudi Arabia, Mexico, Pakistan, Colombia, Iraq, Egypt, Germany, Romania, and Israel. Brazil has the second-highest number of confirmed cases of any country, followed by Russia and then India.

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