Forex news for NY trading on July 13, 2020
- NASDAQ tumbles over 2% after reaching all time
- NASDAQ index declines accelerate
- Apple does not expect full US office return before end of year
- Pres. Trump speaks to reporters
- California closes indoor activities in bars, restaurants
- Crude oil futures settle at $40.10
- California reports 8,358 new coronavirus cases
- CDC reports 60,469 new coronavirus cases
- The key earnings releases this week
- Italy prepares new 20B euro stimulus package
- Fed's Kaplan sees economy shrinking 4.5-5.0% by end-2020
- Italy's Conte: EUs leaders need to realize urgency of virus package
- NY's Cuomo: NY schools will re-open only if it's safe based on data
- Canada intends to extend wage subsidy measure until year-end - Trudeau
- Major European shares close the session with solid gains
- Arizona coronavirus cases 1357 vs 2537 yesterday
- Florida coronavirus cases 12624 vs 15299 yesterday
- WHO's Tedros: Too many countries not following pandemic guidelines
- BOE's Bailey: We are seeing the economy back somewhat
- US gasoline demand continues to sag
- The AUD is the strongest and the JPY is the weakest as NA trader enter for the day
All was going like most of the other days recently. The S&P index was moving higher and in the process erased the 2019 declines. The price moved above the 2019 closing level of 3230.78. The high reached 3235.32. Apple shares nearly reached $400 per share (high reached $399.82). Netflix, Amazon, Tesla all traded to yet another new all-time high level for each.
However, the momentum could not be's sustained and later in the New York session, California announced that they would be reclosing bars and restaurants, and some churches and salons. Moreover, the Los Angeles Unified School District, the nation's second largest, said that it would start the school year online. The gains started to erode.
The NASDAQ index led the declines by falling -2.13%. The index also took out the low from Friday making and outside day lower close. The index was up over 20% for the year at the highs for the day but is closing at +15.81%. Although still impressive, it's not 20% anymore. Bearish
As mentioned the S&P, turned positive for the year only to reverse lower. The index closed the day -2.34% on the year.
The Dow industrial average actually close marginally higher 0.04%. It's gains were led by Pfizer which was given a fast-track for a coronavirus vaccine from the FDA. Pfizer was up over 4% today and helped to keep the Dow industrial average in the black.
The sharp decline in the stocks helped to push the the USD higher. The CAD, AUD, NZD and GBP fell into the close and closed well off each currencies highs for the day.
The EUR is ending the session as the strongest of the majors but off the highs for the day. The GBP is the weakest. The USD was mixed but lower vs. the major currencies at the start and at the London close. It is ending the session higher vs. all the major currencies with the exception of the EUR.
Some technical levels for the major currencies:
- GBPUSD: The GBPUSD is trading a few pips above its rising 200 hour moving average at 1.25432. The price of the GBPUSD has not traded below its 200 hour moving average since July 1 day move below that level would next target the 1.2500 to 1.2509 area.
- EURUSD: The high price of the EURUSD stalled against a topside trend line around the 1.1374 level and rotated back down below swing highs between the 1.13449 and 1.13527 area. The price is currently trading at 1.13412. Stay below the 1.13527 level will keep the bears more in control
- AUDUSD: THe AUDUSD fell back below its 200 hour moving average at 0.69508. In the new trading day stay below that level would keep the bears more control
- NZDUSD: Like the AUDUSD, the NZDUSD fell below its 200 hour moving average late in the New York session at 0.65448. The price has not traded below that moving average since June 30. The Next major target comes in at the 38.2% retracement of the move up since June 30 at 0.65174
