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Gold shines, dollar downed as coronavirus hopes outweigh concerns, jobless claims eyed

Risk-on – Stocks are on the rise and the dollar is on the back foot as hopes for a vaccine or a cure to COVID-19 outweigh concerns about rising US and global cases. Gold has been consolidating its surge above $1,800 and US jobless claims are awaited.

A snapshot of the US labor market s due out with initial jobless claims for the week ending on July 3 and continuing claims for the one concluding on June 6.

Gold has finally broken above $1,800, hitting a high above $1,817, and nearing an increase of 20% this year. The precious metal has been advancing regardless of the market mood.

EUR/USD is trading above 1.1365, hitting the highest since June 11, underpinned by dollar weakness. German Chancellor Angela Merkel urged her peers to approve the ambitious EU Fund. The “Frugal Four” maintain their objection to €500 billion of grants. Leaders will hold a face-to-face meeting next week.

GBP/USD surged above 1.26, partly encouraged by the new £30 billion fiscal stimulus plan. Chancellor of the Exchequer Rishi Sunak laid out a detailed program including a job retention scheme and other means of boosting the economy.

AUD/USD remains shy of the 0.70 level despite advancing. Sino-Australian tensions remain elevated as Canberra announced it would cancel an extradition treaty with Hong Kong.

USD/CAD is trading around 1.35, with the Canadian dollar and oil seemingly shrugging off an increase in inventories.

https://www.fxstreet.com/news/forex-today-gold-shines-dollar-downed-as-coronavirus-hopes-outweigh-concerns-jobless-claims-eyed-202007090543

According to Trading Central (3rd party RIA) the EURUSD is long positions above 1.1170 with targets at 1.1420 & 1.1495 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10815696

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.1495
1€ 3,333.33€ 1,666.67€ 1,100.00
5€ 16,666.67€ 8,333.33€ 5,500.00
10€ 33,333.33€ 16,666.67€ 11,000.00
25€ 83,333.33€ 41,666.67€ 27,500.00
50€ 166,666.67€ 83,333.33€ 55,000.00



According to Trading Central (3rd party RIA) the GBPUSD is long positions above 1.2245 with targets at 1.2815 & 1.2980 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10815703

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.2815
1€ 3,705.76€ 1,852.88€ 1,628.00
5€ 18,528.81€ 9,264.41€ 8,140.00
10€ 37,057.62€ 18,528.81€ 16,280.00
25€ 92,644.06€ 46,322.03€ 40,700.00
50€ 185,288.12€ 92,644.06€ 81,400.00

Stock futures steady after Nasdaq clinches new record

Futures contracts tied to the major U.S. stock indexes held steady during the overnight session Wednesday evening just hours after the Nasdaq Composite clinched its 25th record close for 2020.

Dow Jones Industrial Average futures fell 27 points, implying an opening move around the flatline when trading resumes on Thursday. S&P 500 and Nasdaq-100 futures pointed to similar muted action Thursday morning.

The after-hours moves Wednesday evening followed a positive regular session on Wednesday, with the major indexes brushing off a record daily increase in new U.S. Covid-19 cases. Big Tech continued to carry the broader market higher on during regular trading and again allowed the Nasdaq Composite to outpace the S&P 500 and Dow industrials.

https://www.cnbc.com/2020/07/08/stock-market-futures-open-to-close-news.html

According to Trading Central (3rd party RIA) the NASDAQ is long positions above 10290.00 with targets at 11075.00 & 11400 in extension.

* Past performance is not a guarantee of future performance

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 11075
0.5€ 23,449.87€ 11,724.93€ 18,029.90
1€ 46,899.74€ 23,449.87€ 36,059.81
5€ 234,498.68€ 117,249.34€ 180,299.03
10€ 468,997.36€ 234,498.68€ 360,598.07
20€ 937,994.72€ 468,997.36€ 721,196.13