Here is what you need to know on Tuesday, August 18:
The greenback fell against all of its major rivals, weighed by concerns related to the coronavirus spread in the country. Despite the latest number of cases reported in the country was of around 35,000, the country has reached over 5.4 million contagions, while the death toll surpassed 170K. However, the country has reduced the number of tests this August, which somehow overshadows the encouraging headline.
Concerns about the relationship between the US and China weighed on investors’ mood. Talks scheduled for last Saturday were delayed without a new date. US Commerce Secretary Wilbur Ross said that China was buying large amount of US agricultural products ahead of the phase-one trade deal review. However, the US Commerce Department also announced that it added 38 Huawei facilities to the US’ economic blacklist, reviving concerns over a further escalation in Beijing-Washington relations.
Brexit talks are set to resume this Tuesday, with caution around GBP/USD. The main issues are those related to fisheries’ rights and the UK’s financial sector access to the Union’s markets.
Gold prices soared at the beginning of the US session, with the bright metal reaching $1,990.73 a troy ounce. It settled around 1,980.00. Crude oil prices advanced within range, WTI settled at $43.00 a barrel.
US equities closed mixed, with the NASDAQ leading the way higher. European indexes posted modest intraday advances. US Treasury yields eased further reflecting the increased demand for safe-haven assets.
This Tuesday, the Reserve Bank of Australia will release the Minutes of its latest meeting, the only relevant macroeconomic event of the day.
Cryptos soared on risk aversion
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