· Dollar rises as surge in coronavirus cases boosts haven bid
The safe-haven dollar rose on Friday, as investors grew cautious about a resurgence in U.S. coronavirus cases that has cast doubts on expectations about a V-shaped recovery for the world’s largest economy.
In midmorning trading, the dollar rose 0.2% against a basket of currencies to 97.571.
The dollar showed little reaction after the data showed U.S. consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 8.2% last month. That was the largest increase since the government started tracking the series in 1959.
That said, personal income fell 4.2% last month.
The euro, meanwhile, reversed gains against the dollar to trade 0.1% lower at $1.1202.
That said, the euro was on track to end the week on a positive note.
· More than 500,000 people have died from coronavirus worldwide as infections continue to surge
The coronavirus has now killed more than 500,000 people around the world as the number of confirmed infections exceeded 10 million, according to data compiled by Johns Hopkins University.
The United States accounts for more than 20% of all reported deaths caused by Covid-19, more than any other country in the world, according to Hopkins’ data, followed by Brazil, the U.K., Italy and France. However, country-to-country comparisons of the death toll are difficult due to differences in reporting methods.
· Global COVID-19 fundraising meeting raises $6.9 billion, leaders want vaccine for all
A global fundraising meeting on Saturday raised 6.15 billion euros ($6.9 billion) from the United States, the European Commission and numerous countries to fight COVID-19, with many participants stressing that an eventual vaccine should be available to anyone who needs it.
The Commission together with the European Investment Bank pledged 4.9 billion euros ($5.50 billion), the United States $545 million, Germany 383 million euros, Canada C$300 million ($219 million)and Qatar $10 million. Forty governments took part in the summit.
The money will be used for COVID-19 tests, treatments and vaccines, and also to support the world’s poorest and most marginalised communities.
· China's central bank says economy faces risks from global pandemic, efforts against domestic resurgence
China’s central bank said on Sunday that the country’s economic growth faces challenges from the global coronavirus pandemic, despite signs of improvement amid business re-openings.
The People’s Bank of China (PBOC) said in a statement it would continue to guide lending rates lower by exploiting the full potential of reforms, and would strengthen financial support to small- and medium-sized enterprises and private firms.
The PBOC made the statement after its monetary policy committee held a seasonal meeting on June 24, it said.
· Oil dips on rise in coronavirus cases, posts second negative week in three
Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs.
Brent crude futures were 14 cents lower at $40.9. West Texas Intermediate crude futures fell 23 cents, or 0.6% to settle at $38.49 per barrel.
Brent was on track for a weekly decline of 3.1% and U.S. crude was headed for a weekly drop of 3.6%, after record U.S. crude inventory data dragged prices down on Wednesday.
Earlier gains, supported by optimism over rising road traffic boosting fuel demand, were erased in early U.S. trading on fears that spiking COVID-19 infections in large gasoline-consuming U.S. states could stall the demand recovery. Cases have risen sharply in California, Texas and Florida, the three most populous U.S. states.
Friday morning, Texas Governor Greg Abbott reversed the state’s reopening plan, ordering most bars to close due to the surge in cases.
Reference: CNBC, Reuters, Worldometers
Thai
Eng