Global rally intact as blood plasma use authorized for coronavirus treatment - 24.8.2020

The Dollar strengthening has halted currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.5% Friday as Markit reported US purchasing managers manufacturing and services indexes for August were better than expected, with the service sector index rising to 54.8 for August, a 17 month high, and up from 50 in July. A reading of 50 or above indicates industry expansion. Both GBP/USD and EUR/USD reversed their climbing Friday as euro-zone flash composite PMI August reading, widely seen as a strong gauge of economic health, fell to 51.6 from July’s 54.9, with both pairs higher currently. USD/JPY turned higher while AUD/USD reversed its climbing on Friday with Australian dollar higher against the greenback currently while yen continuing to slide.

US equity markets are rising currently with Congress still at stalemate on adopting another coronavirus financial aid plan. The three main US stock indexes recorded weekly gains ranging from 0.0% to 2.7% last week led mainly by large capitalization technology shares. European stock indexes are higher currently after a pullback Friday following a weaker than expected euro-zone flash purchasing managers’ index reports. Asian indexes are mostly higher today led by Hong Kong’s Hang Seng Index .

Brent is retracing higher today after retreat Friday. Prices are rising as storms close in on the Gulf of Mexico, with local oil producers shutting 58% of their oil production. Oil prices ended lower last session. The US oil benchmark West Texas Intermediate (WTI) futures are higher currently after October WTI fell 1.1% Friday. October Brent crude lost 1.2% to $44.35 a barrel on Friday.