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08.07.2020: USD again asserting strength (USDХ, DJIA, WTI, USD/CAD)

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Global investors are cautiously optimistic. The New York session opened with minor gains. Investors’ confidence is dented by a resurgence of coronavirus cases in the US. Rampant infection rates pose risk to a revival of business activity.
The number of confirmed infection cases in the US has topped 3 million. In other words, 1% of Americans has been tested positive for the coronavirus. The worst affected states like California, Oklahoma, and Texas have set new records. The authorities in these states are forced to suspend reopening of their economies and re-impose lockdown measures. Such developments wrecked investors’ hopes for the soonest economic recovery.
The current state of affairs is likely to be mirrored in the nearest macroeconomic reports. Nevertheless, investors pin hopes for the economic recovery in the medium term.
Futures on the Dow Jones rose 0.7% in the early New York session to trade at 25,799. The S&P 500 logged an uptick of 0.14% to trade at 3,140.38. Yesterday, US benchmark stock indexes incurred losses of over 1%.
Now traders are poised to lock in profits, experts comment on the ongoing market moves. They foresee selling as the next stage. Sell-offs are expected to hit the market all at once like in February.
In the time of the market turbulence, as a rule traders tend to buy the US dollar as a shelter for their savings. However, under the current conditions traders are shifting focus towards other safe haven assets belonging to the countries which are more successful in the struggle against the coronavirus. In this context, in the nearest months, investors are going to buy the euro, the pound sterling, and the Swiss franc rather than the US dollar.
Meanwhile, the US dollar index broke the line of the long-term bullish trend. So, a good trading strategy is to plan long deals on the US dollar. Today its index is trading at 96.90 which coincides with the border of the medium-term bullish trend.
Yesterday, buyers of the USD/CAD pair finished the sessions with gains. They pushed the pair above the level of 1.36. Today the greenback is giving in to its Canadian rival. Nevertheless, the US dollar is setting the tone in the pair.
The loonie awaits a report on Canada’s labor market for June which is due on Friday. The consensus suggests a decline in the unemployment rate to 12% from 13.7% a month ago. Despite signs of improvement, Canada’s labor market is still logging a severe downturn. This strains consumption and stalls the economic recovery. Earlier, the Bank of Canada noted that the question of stimulus measures would resurface again in case the domestic economy shows dismal performance. The prospects of another stimulus package will reinforce the bearish trend of the Canadian dollar. The central bank is due to hold a policy meeting next week.
Analysts foresee a further uptrend of the USD/CAD pair for a variety of reasons. The loonie could come under pressure from the oil market where buyers have exhausted their power.

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