Daily Recap: Wednesday, August 12, 2020

Wednesday saw the Dollar resuming losses, while gold and oil returned to gains after a brief correction. Meanwhile, stock markets were not impacted by a rise in demand for safe havens, showing strong performance, supported by positive news about a COVID-19 vaccine. Here is a look at today’s top stories.

Forex:

• DXY Closes Another Day in Losses
• CHF Shows Strong Gains Across the Board

Stocks:

• NYSE Finishes Wednesday with Huge Gains
• European Stocks Maintain Gains

Commodities:

• Oil Settles at Highest Level in Five Months
• Gold Resumes Gains after Brief Correction
• OPEC: Global Growth Forecast at 4% in 2020
• Oil Rising on Bigger-Than-Expected Oil Inventories Decline

Economic Data:

• U.S. Budget Deficit at $63 B in July
• U.S. Average Hourly Earnings Decline 0.4% in July
• U.S. Consumer Prices Rise 0.6% in July
• Russian Economy Contracts with Worst Pace in Decade
• Eurozone Shows Disappointing Recovery in Industrial Production
• UK Manufacturing Production Rebounds in June

Remarks:

• Kaplan: Containing Pandemic Could Lower Unemployment
• Rosengren: Controlling Virus Helps in Managing Debt
• Kudlow: U.S. Economy Needs Little Assistance
• UK’s Sunak: Economy is now in Hard Times

News:

• Democrats and Republicans Miles Apart on Stimulus Package
• Bankruptcies in U.Ss Heading to Highest Level since 2010
• Germany: Russian Vaccine Has Not Been Tested Adequately