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Rising Cases Of COVID Increase Uncertainty

Rising Cases Of COVID Increase Uncertainty

Information is not investment advice

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Midday Market View

European stock markets traded mixed early Thursday, with strong industrial data supporting the German market while the Bank of England kept monetary policy unchanged, offering up a more pessimistic outlook. In Germany, factory orders soared in June, climbing 27.9% data showed earlier Thursday, far above the 10% gain expected. The Bank of England maintained its key interest rate at 0.10% earlier Thursday, and kept its powder dry in terms of additional stimulus.

Midday Key Point

  • UK July construction PMI 58.1 vs 57.0 expected.
  • Tokyo governor repeats that must think about declaring state of emergency if virus situation worsens.
  • China repeats that it will take strong countermeasures as it opposes US-Taiwan meeting.
  • Dollar firms a little amid mixed markets in European morning trade.

Similar

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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