The Greenback Continues to Recover Against its Main Competitors

September 3, 2020

The US dollar has continued to rise against the basket of world currencies. The dollar index (#DX) has updated its local highs again and closed in the green zone (+0.54%). The single currency has been declining after the comments by the ECB chief economist that the EUR/USD rate “does matter” for monetary policy. A series of weak economic reports from Germany put additional pressure.

The demand for the Australian dollar has weakened significantly after the release of the pessimistic report on the country’s GDP. The Australian economy has entered a recession for the first time in 30 years. Financial market participants have taken a wait-and-see attitude before the US labor statistics for August, which will be published on September 4. Investors will also assess a number of important economic releases from the Eurozone, UK and US today.

The “black gold” prices show a negative trend. At the moment, futures for the WTI crude oil are testing the $40.95 mark per barrel.

Market indicators

Yesterday, there was the bullish sentiment in the US stock market: #SPY (+1.45%), #DIA (+1.54%), #QQQ (+0.95%).

The 10-year US government bonds yield has become stable after a sharp decline. At the moment, the indicator is at the level of 0.65-0.66%.

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The news feed for 2020.09.03:

– A number of indicators on economic activity in the Eurozone at 11:00 (GMT+3:00);
– UK manufacturing PMI at 11:30 (GMT+3:00);
– Initial jobless claims in the US at 15:30 (GMT+3:00);
– ISM non-manufacturing PMI at 17:00 (GMT+3:00).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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The Greenback Continues to Recover Against its Main Competitors

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