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Stocks mostly higher while the greenback shows recovery signs

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Home » Stocks mostly higher while the greenback shows recovery signs

Stocks mostly higher while the greenback shows recovery signs

Dollar switched into a corrective mode following a deep sell-off witnessed since last week

by Stephen Soo
July 28, 2020 06:20
in Fundamental analysis
0
Stocks mostly higher while the greenback shows recovery signs

Wall Street indexes snapped a two-day losing streak and finished higher on Monday as investors managed to shrug off rising coronavirus cases and braced for a week of the earnings season. On the positive side, Senate Republicans formally unveiled their $1 trillion stimulus proposal, which includes a $400 cut in enhanced unemployment benefits. The Dow Jones Industrial Average closed 0.4% higher, the S&P 500 rose 0.7%, while the tech-heavy Nasdaq Composite added 1.7%.

Today in Asia, stocks were mixed-to-higher on expectations the Federal Reserve will reinforce its dovish message this week. Investors are betting the Fed Chairman Jerome Powell to signal that rates will stay near zero for longer amid the global fight against coronavirus. 

European stocks climbed due to strong earnings reports. In particular, Games Workshop Group Plc posted an increase in its full-year profit while Peugeot maker PSA Group kept its outlook unchanged despite the pandemic. The Stoxx Europe 600 Index advanced 0.47%. 

Meanwhile, the dollar switched into a corrective mode following a deep sell-off witnessed since last week. As such, EURUSD retreated from September 2018 highs around 1.1780 but still holds above 1.17. Despite the correction, the euro remains firmly within its strong bullish trend and could resume the rally after a pause amid local profit-taking. If so, important support is expected around 1.1650. 

Elsewhere, gold prices extended gains to $1,980 earlier in the day but retreated aggressively from fresh all-time highs. However, as long as the precious metal holds above the $9,000 handle, the downside potential is limited. Furthermore, the bullion could resume the ascent as risk aversion may reemerge at any point, with market sentiment remaining fragile. 
In other markets, bitcoin extended the rally to the $11,400 region at the start of the day but failed to preserve gains and began a downside correction that brought the leading cryptocurrency by market capitalization under the $11,000 handle. A daily close below this level could send the prices to $10,200. 

Tags: DOW JONESEURUSDFederal ReserveGoldJerome PowellNasdaq
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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