Forex Today: Dollar to remain under pressure at the beginning of the week

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Here is what you need to know on Monday, July 13:

Financial markets continue to depend on coronavirus-related headlines. Record cases in the US, with the country reporting roughly 70,000 new contagions per day for three days in-a-row, kept investors in risk-off mood. Sentiment improved with news over a treatment, favoring an uptick in high-yielding assets. News over the weekend showed a decreasing number of new cases in the US. 

The EUR/USD pair settled at 1.1300, holding within familiar levels, while the Pound outperformed, surging past 1.2600 against the dollar. The Japanese yen appreciated, but also held within familiar levels.  

By the end of the week, Gilead said that its remdesivir antiviral drug reduces the mortality risk in coronavirus cases up to 62%, reporting also an improvement in clinical recovery when compared with standard of care. The company also said that such findings need additional confirmation.

Wall Street surged on the back of Gilead’s headlines, trimming most of its Thursday losses. US Treasury yields recovered from multi-week lows but remained depressed.

The US government announced on Friday tariffs on French imports for up to $1.3 billion, in response to France’s digital services tax. The US hold off on implementing levies for up to 180 days, in the hopes the issue could be resolved.

Gold eased by the end of the week but held around $1,800 a troy ounce. WTI trimmed early losses but was unable to extend gains beyond $40.00 a barrel.

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