- European session review: Safe-haven currencies weaken despite worries about a spike in coronavirus cases
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European session review: Safe-haven currencies weaken despite worries about a spike in coronavirus cases
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 10:00 | United Kingdom | CBI industrial order books balance | June | -62 | -58 | |
| 10:00 | Germany | Bundesbank Monthly Report |
Safe-haven USD, JPY and CHF traded lower against their counterparts in the European session on Monday as the report about a record number of new daily coronavirus cases by the World Health Organization (WHO) was not enough to dampen investors’ risk appetite. USD fell against JPY and CHF. JPY weakened against CHF.
The WHO reported that global coronavirus cases rose by a record 183,020 on Sunday. This took the total worldwide caseload past 8.7 million. The biggest rise in cases was recorded in North and South America. The previous record for new cases was set on June 18.
The spike in global coronavirus cases added to investors' worries about the so-called “second wave” of the damaging disease and renewed concerns about economic recovery. However, hopes of additional stimulus from central banks and governments to support the coronavirus-hit economies continued to fuel the broader market optimism.
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