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USD finds safe haven over virus worries
With COVID-19 cases increasing to a worrying level in the US, the US dollar has performed over expectations in spite of investors becoming so worried that US benchmarks were generally lower by close of play yesterday.
Investors have also been alarmed by the Supreme Court ruling that rejected the claim for complete immunity by President Donald Trump over the shielding of his personal and corporate tax returns.
Trade war tensions have also regained prominence since the Trump administration’s war on trade with China back in 2018.
Although the jobless claims in the US were not as bad as feared, the relief is only surface level, with the job market being one of the nation’s biggest problems with a worrying path of least resistance.
Initial claims were an improvement on predictions, falling by just 99k to 1.314k within the week that finished 4th July, with the expectation having been a figure of 1.375k.
Even more encouraging is that continuing claims fell to 18.06m, a decrease of as much as 700k, which suggests that people are continuing to go back to work despite the recent increase in coronavirus cases.
However, there has been an exponential rise in the number of people who are claiming Pandemic Unemployment Assistance benefits.
Forthcoming data will be sure to amplify this within the extreme stresses being experienced by the nation’s job market.
There is also growing evidence that the spread of the virus is stalling the economic recovery in a number of important metropolitan areas.
However, US benchmarks were still able to rebound off those lows, and the NASDAQ again made record highs, with the markets still exhibiting patience and betting on economic recovery.
Treasury Secretary, Steven Mnuchin, expects the next stage of the nation’s fiscal stimulus to be announced before the end of the month.
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