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Dollar licking its wounds, gold holds high as economic optimism battles coronavirus fears

Markets have stabilized and the US dollar is attempting recovery after a risk-on Monday, fueled by China’s stock market surge and lower US coronavirus concerns. A mix of figures and COVID-19 statistics are set to rock markets.

Risk-on Monday: Chinese state media touted a “bullish stock market” triggering a rally and a surge in searches for opening equity accounts. Alongside upbeat figures from the world’s second-largest economy, optimism sent global stocks higher and the safe-haven dollar lower.

Gold has been able to advance despite the risk-on mood and has consolidated above $1,780. It may be well-positioned to continue higher

The US ISM Non-Manufacturing Purchasing Managers’ Index shot higher to 57.1, smashing expectations and reflecting optimism in the services sector as of early June. Most components leaped but the employment one remained below 50, reflecting contraction. The JOLTs job openings figures for May are due out on Tuesday. Despite the late publication, the Federal Reserve is eyeing the data.

GBP/USD is holding above 1.25 ahead of a public appearance by Rishi Sunak, Chancellor of the Exchequer. He will speak with MPs ahead of unveiling new stimulus. Details of green investment have been unfavorable in comparison to several European countries’ parallel plans. Brexit talks continue.

EUR/USD is trading above 1.13 after reaching the highest in nearly two weeks. The focus remains on the ambitious EU recovery fund, which has yet to be approved.

USD/JPY is steady above 107 as cases in Tokyo continue climbing but the government is not considering new steps.

https://www.fxstreet.com/news/forex-today-dollar-licking-its-wounds-gold-holds-high-as-economic-optimism-battles-coronavirus-fears-202007070546



According to Trading Central (3rd party RIA) the USDCHF is short positions below 0.9550 with targets at 0.9375 & 0.9255 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10810092

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 0.9255
1€ 2,948.03€ 1,474.01€ 1,547.04
5€ 14,740.13€ 7,370.07€ 7,735.20
10€ 29,480.26€ 14,740.13€ 15,470.40
25€ 73,700.66€ 36,850.33€ 38,676.00
50€ 147,401.31€ 73,700.66€ 77,352.00

According to Trading Central (3rd party RIA) the GBPUSD is short positions below 1.2540 with targets at 1.2245 & 1.2060 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10810091

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.2240
1€ 3,683.24€ 1,841.62€ 2,254.71
5€ 18,416.21€ 9,208.10€ 11,273.55
10€ 36,832.41€ 18,416.21€ 22,547.10
25€ 92,081.03€ 46,040.52€ 56,367.75
50€ 184,162.06€ 92,081.03€ 112,735.50