ForexLive European FX news wrap: Gold rally marches on

Author: Justin Low | Category: News

Forex news from the European trading session - 5 August 2020

Headlines:

Markets:

  • AUD leads, USD and JPY lag
  • European equities higher; E-minis up 0.6%
  • US 10-year yields up 2 bps to 0.528%
  • Gold up 1.2% to $2,044.07
  • WTI up 3.9% to $43.34
  • Bitcoin up 1.9% to $11,425

EOD 05-08
There weren't much notable headlines as the market stuck with theme from North American trading yesterday, where gold rallied and the dollar faltered.

Gold extended gains by a little over 1% in a push to fresh highs above $2,040 while silver is advancing by more than 3% and moving closer towards $27.

Risk trades also fared much better as European indices are putting in a solid shift so far alongside US futures, which are up by ~0.6% currently.

As such, the dollar is seen on the decline with EUR/USD pushing higher from 1.1810 to 1.1860 while GBP/USD saw some back and forth - moving up to 1.3120 before falling to 1.3060 - but is ultimately settling higher at around 1.3130-40 levels now.

Meanwhile, AUD/USD is also extending gains above 0.7200 in a push from 0.7180-90 to 0.7220 while USD/CAD is easing further on stronger oil prices as well in a fall from 1.3300 to 1.3240 levels currently - lowest levels since February.

It is all about the strength in gold and weakness in the dollar at the moment, with risk trades also taking comfort in the whole situation - cheered on by Trump and his 'big' jobs number coming up later this Friday.

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