Daily Alert – Thursday 11th June 2020: Fears of second covid wave take hold

Mark NugentDaily Alert, June 2020

Daily Alert – Thursday 11th June 2020: Fears of second covid wave take hold

Markets are strongly risk off as of 3pm UK-time due to fears of a second covid wave of infections. Data shows rising infection rates in 21 US states. Equities fall, JPY and USD rise, commodity currencies fall. All as expected.

Last night’s Fed did not have a great impact. Fed Chair Powell said that they are “not even thinking about thinking about raising rates”. So, no rate hikes soon then.

The GBP is getting battered by negative economic and Brexit-related comments from EU negotiator Barnier, the CBI, OECD and the ratings agency Moody’s.

I think I’ll let the markets look after themselves without my participation for the rest of the week.

Have a good weekend when it comes and I’ll be back on Monday with your Trading Plan for Week 25.

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