Stocks rally as markets ignore virus concerns

Stocks rally as markets ignore virus concerns  

Last week was filled with uncertainty as COVID-19 cases rose in the U.S.  Monday has seen markets ignore those concerns, to mount a rally.

To begin the week where we will have NFP on Thursday, as a result of the U.S. Independence Day. The Dow Jones Industrial Average traded up by over 2% as Americans looked forward to July 4th. 

The S&P 500 and NASDAQ both gained 1%. Gold which initially went to as high as $1,775, fell as investors bought equities.

UK Mortgage approvals hit record low

On Monday, the Bank of England released data showing how the UK’s housing market is performing during the COVID-19 pandemic.

The report revealed that British mortgage approvals fell to the lowest on record in the month of May.

In May around  9,273 mortgages were approved – which is the lowest since  records began in October 1997.

GBPUSD broke through the 1.24285 floor, going as low as 1.22524.

India bans Chinese Apps

One of the world’s largest countries in terms of population, has today banned Chinese apps from being used in the country.

On Monday, the Indian government stated, it has banned close to 59, mostly Chinese Apps from being used.

These include TikTok, Alibaba and WeChat. The given reason was said to be over security concerns.

Quote of the day: “It’s not what we do once in a while that shapes our lives. It’s what we do consistently.”

Tony Robbins

Biggest Bull

WS30 (Futures): After getting close to breaking out of the 24,850 support last week, the Dow futures rallied from the floor to reach a high of 25,499 on Monday.

Source: Tradeview MT4

Biggest Bear

GBPUSD: Cable fell to as low as 1.22524 on Monday, after ending Friday at 1.24285. Will this pair continue to drop as more UK and U.S. data gets released?

Source: Tradeview MT4

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