Gold rallies as U.S. reports over 3 million COVID-19 cases

As the WHO warned of the ever growing state of the global pandemic, the U.S. reported another record single-day spike in new cases.

Daily cases rose by over 50,000 to see the total number of infections rise above 3 million.

Although the death rate is currently less than 5 percent, the rise has filled markets with some uncertainty.

As a result Gold surpassed the $1,800 level for the first time in almost 9 years.

Sunak releases plan to combat UK unemployment

Today saw UK Chancellor Rishi Sunak layout plans for the British economic recovery as businesses begin to reopen. 

It was announced that a £30 billion fund would be set aside to head off an unemployment crisis.

Under the new return to work scheme, employers would be paid £1,000 for every worker who returns to their job after the furlough scheme expires at the end of October. 

GBPUSD rallied to a high of 1.259 on the news.

Merkel says EU prepared for no-Brexit deal

Although stating that Germany would continue to seek a deal with the UK as they leave the EU, Angela Merkel today stated that the European Union should also prepare for an abrupt split.

Merkel stated that progress up to this point has been “slim”, with a no-deal Brexit still a possibility.

The DAX initially rallied on the news, before consolidating back towards its opening price.

Quote of the day:  “The four most dangerous words in investing are: This time it’s different.”

Sir John Templeton

Biggest Bull

Gold: It took over 9 years, but today gold finally broke out of the $1,800 level. As coronavirus cases continue to grow, so has the price of the safe haven currency.

Source: Tradeview MT4

Biggest Bear

USDZAR: USDZAR saw huge drops today after failing to break past the 17.210 resistance, dropping to a day low of 16.957.

Source: Tradeview MT4