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U.S Jobless Claims, Geopolitics, and COVID-19 To Drive Risk Sentiment and the Dollar

The Day Ahead for the EUR

It’s a relatively quiet day ahead on the economic calendar. Germany’s GfK Consumer Climate figures for July are due out ahead of the European session.

While we will expect some influence from the numbers, there is talk of U.S tariffs on Germany, France, and Spain. The last thing that the EU needs is a trade war, as Trump looks to divert attention away from domestic woes.

For Germany, a recent cluster and Wednesday’s rise in new COVID-19 cases across Germany, Italy, and Spain will also be a concern. A wide reintroduction of lockdown measures would send the EUR into a dive.

At the time of writing, the EUR was flat at $1.1251.

For the Pound

It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.

A lack of stats will continue to leave the Pound in the hands of market risk sentiment and any updates from Brexit negotiations.

At the time of writing, the Pound was down by 0.03% to $1.2415.

For the USD

It’s a busy day ahead on the U.S economic calendar. Key stats include the weekly jobless claims and core durable goods orders for May.

While a pickup in core durable goods orders is needed, the weekly jobless claims will need to come in well below 1.5m levels to provide any support to riskier assets…

Finalized 1st quarter GDP and May trade figures will likely take a backseat on the day.

Away from the numbers, however, the Dollar could find more support should states continue to report rising new COVID-19 cases. There could also be more trade war chatter from the Oval Office to test risk appetite further

https://www.fxempire.com/news/article/u-s-jobless-claims-geopolitics-and-covid-19-to-drive-risk-sentiment-and-the-dollar-657325

According to Trading Central (3rd party RIA) the EURUSD is long positions above 1.1100 with targets at 1.1420 & 1.1495 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10796509

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.1420
1€ 3,333.33€ 1,666.67€ 1,510.28
5€ 16,666.67€ 33,333.33€ 7,551.40
10€ 33,333.33€ 66,666.67€ 15,102.80
25€ 83,333.33€ 166,666.67€ 37,757.00
50€ 166,666.67€ 333,333.33€ 75,514.00



GBP/USD: Bears attack 1.2400 as USD strength offsets Brexit optimism

GBP/USD drops to 1.2404, down 0.10% on a day, while heading into the London open on Thursday. The Cable pair fails to cheer the recent Brexit-positive signs amid the broad greenback strength backed by risk-off sentiment. Though, a light calendar before the US session pushes traders to search for fresh clues concerning the coronavirus (COVID-19) and trade wars for near-term direction.

https://www.fxstreet.com/news/gbp-usd-bears-attack-12400-as-usd-strength-offsets-brexit-optimism-202006250414

According to Trading Central (3rd party RIA) the GBPUSD is short positions below 1.2600 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=10796516

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.2245
1€ 3,683.24€ 1,841.62€ 1,421.44
5€ 18,416.21€ 36,832.41€ 7,107.20
10€ 36,832.41€ 73,664.83€ 14,214.40
25€ 92,081.03€ 184,162.06€ 35,536.00
50€ 184,162.06€ 368,324.13€ 71,072.00

Oil prices fall further on virus fears, U.S. crude stock build

Oil prices slipped on Thursday, extending losses of more than 5% in the previous session, weighed down by record high U.S. crude inventories and worries that a rapid resurgence in Covid-19 cases could choke a revival in fuel demand.

U.S. West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.7%, to $37.75 per barrel at 0245 GMT on Thursday, after dropping $2.36 on Wednesday.

Brent crude futures fell 30 cents, or 0.7%, to $40.01 per barrel after falling $2.32 on Wednesday. A day earlier, the benchmark contract hit its highest price since early March, just before pandemic lockdowns and a Saudi-Russian price war slammed markets.

Wednesday’s selloff came after U.S. government data showed crude stockpiles rose by 1.4 million barrels, driving inventories to a record high for a third straight week last week.

https://www.cnbc.com/2020/06/25/oil-markets-coronavirus-in-focus.html

According to Trading Central (3rd party RIA) the WTI is short positions below 38.60 with targets at 37.30 & 36.65 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10797150

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 36.65
0.5 € 1,684.44 € 842.22 € 555.56
1 € 3,368.89 € 1,684.44 € 1,111.11
5 € 16,844.44 € 8,422.22 € 5,555.56
10 € 33,688.89 € 16,844.44 € 11,111.11
20 € 67,377.78 € 33,688.89 € 22,222.22