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Cases of COVID-19 have been climbing all week in Australia’s second most populous city of Melbourne. The count of new cases has been hovering around 70 for the past days but the latest update is 108 new cases (biggest jump in more than 3 months). Two more postcodes (a postcode covers multiple suburbs) have gone

Forex news for North American trade on July 3, 2020: Markets: Gold up $2 to 1777 WTI crude oil down 33-cents to $40.32 Toronto’s TSX Composite down 0.24% AUD leads, JPY lags The US was closed for a holiday and Canada didn’t bring any news or market moves to the table. Overall it was a

The latest data for California Confirmed cases now 248,253 vs 240,195 yesterday. If you exclude the lab backlog, this is the worst day yet. 6/22: 4,2306/23: 5,0196/24: 7,1496/25: 5,3496/26: 4,8906/27: 5,9726/28: 4,8106/29: 5,3076/30: 6,6377/01: 9,740 -total includes 3,842 lab backlog cases7/02: 7,538 – “” 3,482 “” The population of California is much larger than the

Via Financial Times,    The FT had an interesting piece recently on how Angela Merkel might persuade the so called ‘frugal four’ to back the European Recovery fund. For those unaware of this issue it is to do with ratifying the German- Franco European Recovery Fund. This fund is a €750 billion post COVID-19 recovery

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

The Telegraph reports on the matter The controversial plan of individual air bridges is reported to be abandoned as the government is now going to come up with a quarantine exemption list – that will include as many as 75 countries – to ease travel for British holidaymakers. The countries on the list have been

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

Asian equities more mixed in trading today Most Asian indices are trading higher, following the more upbeat tone in Wall Street yesterday after US equities posted their best quarter since 1998. But Japanese stocks are trading lower, following the more defensive risk tone in the market so far today. The Shanghai Composite index is up

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

Victoria to impose lockdown in 10 areas in Melbourne city That’s hardly comforting news, especially considering that Australia were one of the few countries that handled the epidemic rather well in the early stages. So, this in turn is a bit of a setback to those efforts and also steps to reopen the economy.

The latest tally This is a lagging indicator and doesn’t take into account data reported earlier today but it’s the ‘official’ tally. With 41,075 cases today, that’s 2,545,250 total cases now. The record set June 26 was 45,313. The day ahead is likely to be lower but the count tends to run later in the

Bailey is scheduled to speak later at 0930 GMT He will be speaking at the launch of the Climate Financial Risk Forum, where he will be delivering the welcome address to the webinar later today. The event is largely to help financial firms understand how they can approach climate-related risks and opportunities, so I’d imagine

China’s industrial profits fell in Q1 and started to be not so bad through March and April as the economy crawled toward recovery. May comes in at +6.0% y/y from -4.3% in April For January to May (ie. YTD) still down, coming in at -19.3% y/y Industrial profits are important, they give firms a base

The official PMIs are due on Tuesday, see post here (or at the bottom of this post) for priors and expected.  Later in the week, Wednesday and Friday, are the private survey PMIs, Caixin/Markit. Markit give a brief preview: China’s PMIs will be especially closely watched given its earlier relaxation of virus-related restrictions.  So far

Rough day for equities S&P 500 down 75 points, or 2.4%, to 3009 Nasdaq -2.6% DJIA -2.8% On the week: S&P 500 down 2.9% Nasdaq -1.9% DJIA -3.3% Despite the drama, it was an inside-week in the S&P 500: However note that it was the first close below the 200-day moving average since May 15.For

Forex news for North American trade on June 26, 2020: Markets: Gold up $6 to $1770 US 10-year yield down 4.4 bps to 0.64% WTI crude down 50-cents to $38.22 EUR leads, GBP lags The weight of coronavirus news because too much for the market to bear on Friday as officials backpedaled on the reopening

Dollar sellers arrive Dollar selling has picked up after Europe closed for the week. USD/CAD is about 30 pips off the highs even with stocks near the lows. This could be FX leading a turn in the risk trade or it could be flows. I’m sympathetic to the idea that the US can uniquely under-perform