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Published on 19/09/2020 2:49:37 PM | Source: Swastika Investmart Ltd

GBP/USD opened this week at the level of 1.2797 and has been edging higher since - Swastika Investmart

Posted in Currency Report| #Currency Tips #Swastika Investmart Ltd

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FUNDAMENTALS OF CURRENCY:

* The dollar index settled at 93 against a basket of currencies on Friday, booking a 0.3% weekly decline, its first since August. Weaker-than-expected data on industrial production, retail sales, housing starts and initial jobless claims raised concerns about the US economic recovery. At the same time, a lack of progress in US fiscal stimulus negotiations, coupled with a resurgence in coronavirus cases, the US Federal Reserve's promise to keep rates at record lows and US-China tensions continued to weigh on the greenback

* EUR/USD is trading under1.1850, off the previous levels as US consumer sentiment beat estimates with 78.9 points. The Fed refrained from adding more stimulus, supporting the dollar earlier in the week. Investors are eyeing fiscal stimulus talks. Coronavirus and PMI news will be the focus for the pair next week. The EU signed a deal to mass-produce a possible coronavirus vaccine, and markets are still relatively pleased with the bloc’s handling of the pandamic so far.

* UK Prime Minister Boris Johnson agreed to compromise on the controversial Brexit bill and sent the pound higher before the Federal Reserve boosted the dollar. Politics are set to outweigh economic figures in rocking the pound in the last full week of September. GBP/USD opened this week at the level of 1.2797 and has been edging higher since. The Pound (GBP) has been gaining this week, on hopes that a UK-EU Brexit deal is still possible.

 

 

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