Don’t waste your time – keep track of how NFP affects the US dollar!
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Has the US dollar lost a top position forever?
According to Goldman Sachs strategists, now is the perfect time to go short on the US dollar. Perhaps, you’ve noticed it already as USD dropped against almost every currency. Investors prefer EUR and riskier currencies such as AUD, GBP and CAD.
The first reason is that economies are reopening outside the USA, while there are violent protests and looting in most American cities. The devastating situation increases chances of the second coronavirus wave and further loss of economic activity. It makes the further recovery more complicated. All those factors pushed the US dollar down. However, there is no way it will last forever. The US dollar will bring its positions back one day, but in short term it’s a good idea to consider selling USD.
Goldman Sachs analysts believe European currencies should be the most attractive for investors these days. Europe has really started coming back to normal life. There are steady reopening process and decreased rates of new coronavirus cases in Europe. Moreover, the ECB gives a great economical support to all the countries of Eurozone by its EU recovery fund with additional 750 billion euros.
For example, look at EUR/USD. It keeps rallying. The price approaches the resistance at 1.117. It has struggled to cross that level few times in March. If it manages to break through it, it will clear the way upward to 1.121. Support levels are 1.11 and 1.10.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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