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Euro jumps to four-month peak on hints of progress in debt talks

© Reuters. Rolled Euro banknotes are placed on U.S. Dollar banknotes By Hideyuki Sano TOKYO (Reuters) - The euro jumped to a four-month high against the dollar on Monday, boosted by European leaders saying progress was being made in talks to take on debt jointly to help their economies. The euro gained 0.2% to $1.1452 (), having risen to as high as $1.14555, its loftiest level since March, as EU leaders appeared within a whisker of breaking an impasse over a proposed 750 billion…

Forex – Euro Climbs on EU Recovery Fund Optimism

© Reuters. By Peter Nurse Investing.com - The euro rose on Monday, posting a four-month high against the U.S. dollar, as traders reacted with optimism to the noises coming from the EU summit regarding a potential agreement for a massive recovery fund for the region. At 3:05 AM ET (0705 GMT), gained 0.2% to 1.1443, having earlier posted a four-month high of 1.1467, while climbed 0.3% to 0.9118. After three days of haggling, European Union leaders have yet to agree on how to…

Iran’s rial hits new low on unofficial market; virus, sanctions weigh

© Reuters. A man displays the Iranian currency at Ferdowsi square in Tehran DUBAI (Reuters) - The Iranian rial fell to a new low against the U.S. dollar on the unofficial market on Saturday and has now seen its value fall by almost half in 2020 as the economy comes under pressure from the coronavirus pandemic and U.S. sanctions. The dollar was offered for as much as 255,300 rials, up from 242,500 on Friday, according to foreign exchange site Bonbast.com. The economic…

Dollar Set for Fourth-Weekly Slump as Surging Virus Cases Cast Doubt on Recovery

© Shutterstock By Yasin Ebrahim Invesing.com – The dollar looked set for a fourth-straight weekly loss on Friday, on weaker economic data and falling demand as rising cases cast doubts on the U.S. economy's ability to bounce back faster than that of its rivals, experts warn. The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.43% to 95.89. The University of Michigan's index of consumer sentiment fell to 73.2…

Does the WHO Hang on a Joe Biden Presidency?

On July 7th, US President Donald Trump officially gave notice of withdrawal from the World Health Organization. This is a long-expected move since the Trump administration has been consistently criticizing the organization and its response to the COVID outbreak since early April. But what are the practical effects on the WHO? The US Influence The US withdrawing from the institution is significant in two ways. The most important is that the US is the largest contributor to the WHO’s $5.62B budget. The amount provided varies…

Brent Oil Started Course in Final 5th Leg

The UKOIL structure shows a bearish impulse. It consists of primary waves ①-②-③-④-⑤. It is likely that the correction wave ④ has completed on a triple zigzag (W)-(X)-(Y)-(X)-(Z) pattern. Its final wave (Z) ended with an ending diagonal in minor wave C. We anticipate a decline in the intermediate sub-wave (1). Then, we expect the decline to continue in waves (2)-(3). We expect the commodity to fall below the previous low formed by intervening wave (X), at 28.97. An alternative scenario…

Netflix Down 7% On Earnings Miss

Netflix Down On Subscriber Warning Netflix shares have suffered heavy selling this week in response to a negative Q2 earnings report. The company’s stock price suffered a 15% decline this week and is trading 7% down pre-market on Friday. The sell-off comes in the wake of the streaming giant warning that a surge in subscriptions seen during the height of the pandemic will not last. Customer levels are likely to fall as “consumers get through the initial shock of coronavirus and social restrictions.” Netflix had reported an…

Dollar holds gains on safe haven bid as economic risks grow

© Reuters. FILE PHOTO: A woman counts U.S. dollar bills at her home in Buenos Aires By Stanley White TOKYO (Reuters) - The dollar held onto gains against most currencies as worries that a resurgence in the coronavirus is starting to curb economic activity drew safe-haven flows into the U.S. currency. One notable exception was the euro, which was well supported by hopes that European officials will agree on fiscal stimulus measures at a meeting starting later on Friday.…

Dollar Up, Boosted by Ever-Rising COVID-19 Numbers and Souring U.S-China Relations

© Reuters. By Gina Lee Investing.com – The dollar was up on Friday morning in Asia, with investors turning to the safe-haven asset as the number of COVID-19 cases continue to be smash records. The U.S. recorded at least 75,000 cases over a 24-hour period on Thursday, and Brazil surpassed the 2 million mark the same day. The surging number of cases prompted investor fears over the global economic recovery, with more states re-implementing lockdowns. There are over 13.7…

Forex – Dollar Edges Lower; Euro Gains on Stimulus Hopes

© Reuters. By Peter Nurse Investing.com - The U.S. dollar was marginally lower in early European trade Friday, as traders looked past the resurgence in coronavirus cases around the globe and the need for a safe haven, focusing instead on the likelihood of more financial stimulus ahead. At 3:05 AM ET (0705 GMT), the ICE (NYSE:) , which tracks the greenback against a basket of six other currencies, was down 0.1% at 96.215. gained 0.1% to 1.1391, gained 0.1% to…