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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

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    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Putin allows Russian banks under sanctions to halt some FX operations

    Putin allows Russian banks under sanctions to halt some FX operations

    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    Paraguay’s crypto framework one step away from becoming law

    Paraguay’s crypto framework one step away from becoming law

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    Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

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    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

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    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

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    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

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    EUR/AUD BREAKOUT COULD GROW LEGS

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    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

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    Abu Dhabi’s oil champion ADNOC bets on global expansion

    Abu Dhabi’s oil champion ADNOC bets on global expansion

    Oil prices jump as Middle East violence rattles markets

    Oil prices jump as Middle East violence rattles markets

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    Panamanian trade unions reach agreement with government on essential commodities

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Bleak Outlook Pins Dollar Down

Analysts say that the currently bleak data and the economic outlook are turning sentiment negative, largely as a result of the major impact of the Coronavirus pandemic.

poweradmin by poweradmin
August 24, 2020
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The US Dollar continues to come under broad pressure, and the US Dollar Index has now traded lower for the fifth straight day, nearing a 2-year trough. Analysts say that the currently bleak data and the economic outlook are turning sentiment negative, largely as a result of the major impact of the Coronavirus pandemic. Meanwhile, currency strategists point out that there is positive momentum for the common currency Euro, given that the respective leadership in EU nations are aggressively working to curtail new outbreaks of the virus. They point to the EUR/USD hurdle of $1.20 as a price to be breached which should lead to more gains for the Euro.

As of 11:28 am in London, the EUR/USD was trading at $1.1912, a gain of 0.2998% and off the earlier peak of $1.19157. The GBP/USD was also higher at $1.3179, up 0.5954%; the pair has ranged from a low of $1.30936 to a high of $1.31806. The USD/JPY was lower at 105.5700 Yen, down 0.43% and off the earlier trough of 105.398 Yen.

RBA Minutes Offer Hope

The latest release of minutes of the Reserve Bank of Australia confirmed that the RBA members have no immediate desire to push interest rates lower or to modify the current measures undertaken to help alleviate the stresses to the economy. Though the outlook is said to remain uncertain, board members felt that the worst had passed and that the worst-case scenario had not come to fruition. Since the release, the AUD/USD has been trading higher at $0.7233, a gain of 0.2773%. In New Zealand, news of a localized resurgence of the Coronavirus is having little impact on the currency, largely because leadership acted swiftly with containment measures; the NZD/USD is trading at $0.6562, up 0.1266%.

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