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Forex Today: Markets like Trump's tax cut talk, shrug off fiscal impasse, dollar stable, gold down

Forex Today: Markets like Trump's tax cut talk, shrug off fiscal impasse, dollar stable, gold down ; The US dollar is mixed as stock markets remain upbeat.

Forex Today: Markets like Trump's tax cut talk, shrug off fiscal impasse, dollar stable, gold down
Yazar: Zack Smith

Yayınlanma: 11 Ağustos 2020 18:28

Güncellenme: 11 Kasım 2024 14:17

Forex Today: Markets like Trump's tax cut talk, shrug off fiscal impasse, dollar stable, gold down
Here is what you need to know on Tuesday, August 11: The US dollar is mixed as stock markets remain upbeat. President Trump touted slashing capital tax cuts and falling coronavirus cases are boosting sentiment. Various data points are eyed. The fiscal impasse continues: Republicans and Democrats are open to returning to the negotiating table but have yet to resume talks. President Donald Trump's coronavirus executive order on unemployment benefits includes participation from states – which are struggling with debt, and that may not work. Sino-American tensions: The US condemned Hong Kong's arrest of Jimmy Lai, a local pro-democracy media mogul. China slapped sanctions against Senators Ted Cruz and Marco Rubio in response to America's moves against Hong Kong leader Carrie Lam. Markets are more concerned about the trade deal. Negotiators will take stock of the deal later this week. Trump touted cutting capital gains taxes, claiming it could boost jobs and reversing his stance on the topic. He previously said it would not help the middle class, but now the White House is considering an executive order. His words supported stocks. US coronavirus cases rose by fewer than 50,000 in Monday's tally, potentially a result of the "weekend effect" yet still confirming the downtrend. Infections are stable or falling in most states, potentially allowing for the economy to pick up. US Producer prices are due out later in the day. GBP/USD is edging lower after mixed UK jobs figures. While the unemployment rate remained at a low 3.9% in June, jobless claims jumped y 94,400 in July.
 

The figures represent a return to normality

 
The British Retail Consortium's retail sales figures have shown an increase of 4.3% year on year, while Barclaycard said consumption is 2.6% lower than last year. The figures represent a return to normality. EUR/USD is trading around 1.1750 amid rising slowly rising COVID-19 cases in the old continent. Germany's reproduction rate has topped 1 in the past week, causing concerns. The German ZEW Economic Sentiment figures for August are set to show a minor drop after bouncing from the lows in previous months. AUD/USD is moving up toward 0.72, extending its recovery as new coronavirus cases in Victoria state have somewhat declined. NZD/USD is benefiting from the risk-on mood and has topped 0.66. Gold has been extending its downtrend; seemingly a profit-taking move. XAU/USD is nearing $2,000. Silver is holding up above $28. WTI oil is trading above $42, amid market optimism. Cryptocurrencies are consolidating gains; with Bitcoin trading below $12,000. More What is driving the dollar up again is as much big player positioning as any single data set
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