Fear returned, the dollar won

Here is what you need to know on Wednesday, July 8:

The coronavirus spread was once again the main and only market motor. It started with the  Australian government announcing a six weeks lockdown in all Metropolitan Melbourne and other surrounding cities amid a new outbreak with 191 new COVID-19 CASES reported.

Brazil’s President, Jair Bolsonaro,  has tested positive for coronavirus. Bolsonaro has refused to use lockdown as a toll to battle COVID-19, calling it a “little flue.” Brazil has reported over 1.8 million cases and over 66K deaths, the second most compromised country behind the US.

WHO leader, Dr. Tedros, announced he will travel to China on the weekend to prepare a study on the origins of the virus. He added that the pandemic is in full expansion, and the world has not yet left the worst behind.

Equities closed in the red worldwide, although the Nasdaq Composite hit an all-time high before turning red.

The dollar seesawed between gains and losses against its major rivals, ending the day mixed. EUR/USD trades around 1.1270, GBP/USD extended its advance to 1.2590, ignoring the lack of progress in Brexit talks.

Gold soared to $1,797.50 a troy ounce a new multi-year high amid the broad dollar’s weakness combined with the risk-averse mood.

Crude oil prices eased by the end of the day, dragged lower by Wall Street. WTI closed the day unchanged a few cents above $40.00 a barrel.

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