ForexLive Americas FX news wrap: Virus fears spark reversal

Forex

ForexLive Americas FX news wrap for June 19, 2020:

Virus:

Markets:

  • S&P 500 down 18 points to 3097
  • WTI crude oil up 49-cents to $ 39.33
  • Gold up $ 20 to $ 1742
  • US 10-year yields down 1.8 bps to
  • JPY leads, GBP lags (on the day and week)

The market started out in a very good mood and AUD/USD rallied to 0.6910 in a quick 40 pip move but it was a short-lived peak as the numbers from US states began to roll in. The hotspots were getting hotter and it was death by a dozen cuts and AUD/USD hit a session low of 0.6830 into the London close. One headline that hurt was Apple closing stores in some hotspots.

It was the same with other commodity currencies as they went from session highs to lows within a few hours.

The euro was bounced around hard. It jumped on the broad USD weakness on early optimism but was wrecked shortly after. Then there was a major whipsaw around the London fix before a limp to the finish line.

The pound remains in its own personal hell. Retail sales numbers were better today but after a blip higher the market was having none of it. Cable finished down another 70 pips to 1.2352, also closing near the lows of the day.

Look at this fake break in GBP/JPY. It’s been hammered for four straight days after the reversal on Monday.

ForexLive Americas FX news wrap for June 19, 2020:

Here’s the daily look:

FX ticker

Have a great weekend. Next week is going to be very interesting.

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