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Market Reports

9:26am, July 22nd 2020

US Dollar Takes A Hit

Yesterday’s main story across foreign exchange markets was one of a much weaker US dollar. Both the pound and euro gained handsomely against the buck as the US currency comes under fire following concern over the country’s rate of infection.

Due to an increasing divergence between Europe and the US with respect to controlling the spread of Covid-19, investors have become more and more comfortable holding European currencies such as the euro, pound, and Scandinavian pairs. The greenback has displayed an underlying weakness for a number of weeks now which has led to a slow grind higher for many of these currencies. The euro has been on a phenomenal run which saw it reach its best levels in over a year and a half yesterday.

EURUSD finally broke above the $1.15 resistance level yesterday, hitting some of its highest prices since the beginning of 2019! The weakness in the US dollar was felt across the board with the pound and commodity currencies gaining nicely. Sterling edged higher through the European morning session and, when US participants arrived, it mustered the momentum to convincingly break the $1.27 level for the first time on a multi-week basis.

Even though the greenback is on the ropes at present it cannot be ruled out from staging a comeback. At present the US dollar is reflecting concern over the domestic economy, however, there are many other external factors that contribute to its strength or weakness, some of which may begin to work in its favour soon.

Written by Viv Savani. 9:26am, July 22nd 2020

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

7:15am, August 28th 2020

Dollar Whipsawed As Fed Amend Policy

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9:13am, September 1st 2020

Data-Heavy Week, US Dollar In Focus

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8:36am, September 14th 2020

Big Week For Markets

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