Daily Recap: Friday, July 24, 2020

The world economy is showing strong signs of recovery, according to recent PMI data from Europe and the US, however, the rising number of COVID-19 cases in the US and escalating political tensions between Washington and Beijing left a toll on stock markets and increased the demand for safe havens. This has led gold prices to record a new record high at Friday’s close. Here’s a look at today’s top stories.

Forex:

• USD Maintains Losses with Rising Safe Haven Demand
• Russian Central Bank Cuts Key Rate

Commodities:

• Oil Resumes Gains Despite Uncertainties
• Gold Settles at New All-Time High
• US Oil Rigs Rise for First Time in Four Months
• Gold Approaching $1,900

Stocks:

• Wall Street Record Weekly Losses
• European Stocks Down 1.5% for the Week

Economic Data:

• US PMI Shows More Recovery Signs
• UK Economy Showing Strong Recovery
• German PMI Rises in July
• US New Home Sales Rise by 13.8%
• Eurozone PMI Expands in July
• French Business Activity Rebound
• UK Retail Sales Bounce Back in June

News:

• WTO: Global Trade Was Hit by COVID-19
• China Orders U.S. to Shut Chengdu Consulate