FX MARKET REPORT 17.08.2020

FX MARKET REPORT 17.08.2020

FX MARKET REPORT 17.08.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 17.08.2020
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FX MARKET REPORT 17.08.2020

GBP/USD has been retreating amid diverging disease curves across the  Atlantic, yet other factors such as rising US yields and worries about  Britain’s furlough scheme were also in play. Cable is seen navigating  within the 1.2950-1.3160 range for the time being. EUR/USD rally looks  overdone as per technical indicators, however, a notable pullback could  still remain elusive, as a fiscal impasse in Washington is likely to  keep the dollar bulls at bay. The pair is trading at 1.1860 at press  time, representing a 0.17% gain on the day. The weekly chart relative  strength index is hovering above 70, indicating overbought conditions  for the first time in over 2.5 years. The dollar was down on Monday  morning, but capped its losses after a meeting between U.S. and Chinese  officials, originally scheduled for Saturday, was delayed. The U.S.  Dollar Index was down 0.07% to 93.023.

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GBP/USD has been retreating amid diverging disease curves across the  Atlantic, yet other factors such as rising US yields and worries about  Britain’s furlough scheme were also in play. Cable is seen navigating  within the 1.2950-1.3160 range for the time being. EUR/USD rally looks  overdone as per technical indicators, however, a notable pullback could  still…

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