The number of coronavirus cases worldwide surpassed 25 million on Sunday, with 843,000 deaths. The US remains the most affected nation, closing in on 6 million infections, according to Johns Hopkins University research. The U.S., Mexico and Brazil represent more than 40% of the global death toll, according to Johns Hopkins. Indian authorities confirmed 78,512 new Covid-19 cases on Sunday -- the fifth consecutive day the country has recorded more than 75,000 daily new cases, according to the Health Ministry. The Philippines reported on Monday 3,446 coronavirus infections and 38 deaths, taking its total caseload to 220,819 and fatalities to 3,558, its health ministry said.
"The front-line responders working tirelessly to save lives during the pandemic deserve time to rest," WHO said in a statement Sunday.
Asian stock markets rose Monday after China’s manufacturing growth held steady. On Friday, the S&P 500 gained 0.7% to 3,508.01. The index gained 3.3% for the week, capping its longest weekly winning streak since December. The stocks received solid support after a moderate pickup in consumer spending and a policy shift from the Federal Reserve that signalled low-interest rates would stay for an extended period.
Crude Oil prices started the week on positive note supported by a weaker dollar and bullish weekly API and EIA inventory reports.
In the currency market, the dollar index the dollar edged up to 105.80 yen from Friday’s low of 105.20. On the other hand, the Australian dollar and New Zealand dollar reached to the new month highs on Monday boosted by dovish Fed expectations and coronavirus vaccine hopes.
Gold price trading steady on Monday as the dollar is on track to lose 1% on the month, the worst August month in 5 years and the fifth straight monthly drop.
On the data front, the official NBS Manufacturing PMI in China was at 51.0 in August 2020, posting the sixth straight month of increase in factory activity. The service sector also marked its sixth consecutive month of growth as the official NBS Non-Manufacturing PMI rose to 55.2 in August 2020 from 54.2 in a month earlier, rising at the quickest pace since January 2018.
This week the main highlights of the economic calendar will be the release of RBA interest rate decision and statement, US and Eurozone employment report, and Oil inventories.
XAU/USD: The gold price trading higher on Monday, at the time of writing the yellow metal trading above $1960.
The important levels to watch for today: Support- 1950 and 1935 Resistance- 1975 and 1995.
AUD/USD: The currency pair slightly retreated from the early session highs, during the Asian session the pair reached to 20- months high of 0.7380.
The important levels to watch for today: Support- 0.7310 and 0.7280 Resistance- 0.7380 and 0.7410.
Quote of the day: The greatest enemies of equity investor are expenses and emotions – Warren Buffet.
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