US Greenback Hinges on Virus Worry, Sentiment & Powell

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US Greenback Hinges on Virus Worry, Sentiment & Powell

US DOLLAR FUNDAMENTAL FORECAST LOOKS TO FED CHAIR POWELL SPEECH, CONSUMER SENTIMENT DATA & CORONAVIRUS DEVELOPMENTSThe US Dol


US DOLLAR FUNDAMENTAL FORECAST LOOKS TO FED CHAIR POWELL SPEECH, CONSUMER SENTIMENT DATA & CORONAVIRUS DEVELOPMENTS

  • The US Dollar notched its highest shut in 17-weeks pushed partly by liquidity flows as merchants transfer into safe-haven assets and Fed steadiness sheet progress decelerates
  • USD value outlook for subsequent week doubtless hinges on the newest coronavirus developments out of China, US client sentiment knowledge and commentary from Fed Chair Powell
  • EUR/USD and AUD/USD bears set their sights on multi-year lows amid widespread US Greenback outperformance towards different major currency pairs

The DXY Index – a popularly referenced basket of key US Greenback foreign money pairs – has climbed a formidable 2.3% to this point this 12 months to the 98.70 value degree. A giant breakdown in EUR/USD, which includes over half of the DXY Index, has helped gas broader US Greenback energy because the American economic system continues to outperform.

Nonfarm payrolls knowledge launched early Friday beat expectations and underscored the strong US jobs market, which exacerbated the slide in spot EUR/USD that started within the earlier buying and selling session on the again of dismal German data.

EUR/USD
BEARISH

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