The dollar was down on Friday morning, touching two-year lows and on its way to posting its biggest monthly decline in a decade as fresh doubts over the U.S economy’s recovery from the COVID-19 pandemic creep in.
The country reported almost 4.5 million cases as of July 31, according to Johns Hopkins University data, and continues to hold the dubious honour of recording the highest number of COVID-19 cases globally.
U.S. President Donald Trump added to the dollar’s woes on Thursday after he floated the idea of delaying the U.S. presidential elections, currently scheduled for November 3. The proposal was immediately rejected by Congress, the sole governmental authority that could make such a change.
The GBP/USD pair gained 0.29% to 1.3127 while the USD/JPY pair was down 0.45% to 104.35. The EUR/USD pair is trading near 1.19, the highest since June 2018.
U.S. crude futures traded 0.6% higher at $40.15 a barrel, while the international benchmark Brent contract rose 0.6% to $43.51. OPEC will soon become the focus after the group decided earlier this month to dial back production cuts, a move that will see an increase in production of about 2 million barrels a day starting in August.
Market participants now look forward to the release of flash Eurozone CPI figures for some impetus coming at 09:00 GMT. Moving on, the Core PCE Price Index, Personal Income/Spending data, Chicago PMI and Revised Michigan Consumer Sentiment will decorate the US calendar. However, major attention will be given to the qualitative signal and the US dollar moves for fresh direction.
US Dollar Down Amid Fresh Doubts Over U.S. Recovery – US Data in focus
Published on 2020-07-31 08:08
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