Don’t waste your time – keep track of how NFP affects the US dollar!
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The British GDP contracted 20% in April, with the spearheading services sector falling 2.3%. In the first quarter of 2020, the household savings rate rose to 8.6%, while their nominal spending plunged by 2.7%, and government spending dropped by 4.1%. Most of these figures are either the highest during the recent decades or the highest ever.
The current plan of British authorities is to invest up to $6 billion into public infrastructure such as building hospitals, roads, and schools. In the meantime, Brexit was also promised to be actively addressed.
After a bullish rally in the first part of June, GBP/USD started moving downwards. Currently, all the gains of this month have been already erased. Most likely, the price will go further down towards the support at 1.2220. Over there, it is likely to bounce upwards to test the resistance of downtrend{s upper border. Eventually, it will return to the downward direction aiming at 1.2080.
Hence, we are expecting zone 1 to be this pair’s projected movement area in the nearest future, and later on zone 2 will be the target area. The above-presented fundamentals are heavy enough to keep pressing on GBP/USD. Until the Brexit process reveals some solid advancements beyond just commitments and until raw economic data brings some improvements, GBPUSD will likely have little alternative but to keep going down.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
The JPY is the strongest and the NZD is the weakest. Jump in for the fresh analysis!
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
