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Dollar bogged at 2-year low as Fed maintains dovish script

The dollar was mired at a more than two-year low on Thursday as the Federal Reserve repeated a pledge to limit damage from the pandemic as surging new coronavirus cases hamper the economy.

The dollar index fell 0.52% on Wednesday and steadied at around 93.275, its lowest in more than two years. The dollar traded at 104.97 yen, having fallen to 4-1/2-month low of 104.77 hit in previous trade.

The greenback weakness supported the euro at $1.1792. The common currency had hit a two-year high of $1.1807 and is on course to post its biggest monthly gain in 10 years, having risen about 5% so far this month.

Sterling also held firm against the dollar at $1.2998, just below Wednesday’s 4-1/2-month high of $1.3013.

https://www.cnbc.com/2020/07/30/forex-markets-dollar-us-federal-reserve-in-focus.html

Economic Data Puts the Greenback and the EUR in Focus

For the EUR

It’s a busy day ahead on the economic calendar. Key stats include 2nd quarter GDP and July unemployment figures from Germany.

The Eurozone’s unemployment rate and German prelim July inflation figures for July are also due out. The numbers will likely have a muted impact on the EUR.

Expect the GDP and July unemployment figures to be the key driver, along with COVID-19 news and U.S stimulus package updates.

At the time of writing, the EUR was down 0.17% to $1.1772.



According to Trading Central (3rd party RIA) the EURGBP is long positions above 0.9017 with targets at 0.9262 & 0.9369 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10831816

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 0.9262
1€ 3,333.33€ 1,666.67€ 2,115.65
5€ 16,666.67€ 8,333.33€ 10,578.24
10€ 33,333.33€ 16,666.67€ 21,156.48
25€ 83,333.33€ 41,666.67€ 52,891.20
50€ 166,666.67€ 83,333.33€ 105,782.40

For the Pound

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

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

At the time of writing, the Pound was down by 0.13% to $1.2980.

According to Trading Central (3rd party RIA) the GBPUSD is long positions above 1.2470 with targets at 1.3205 & 1.3400 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10843641

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.3200
1€ 3,675.12€ 1,837.56€ 2,040.00
5€ 18,375.60€ 9,187.80€ 10,200.00
10€ 36,751.19€ 18,375.60€ 20,400.00
25€ 91,877.99€ 45,938.99€ 51,000.00
50€ 183,755.97€ 91,877.99€ 102,000.00

For the USD

It’s another relatively busy day ahead for the U.S Dollar. 2nd quarter GDP and weekly initial jobless claims figures are due out.

While we can expect influence from the GDP numbers, the weekly jobless claims could garner more attention. Another rise in claims will test the market’s resolve.

Away from the calendar, the U.S stimulus package and COVID-19 will remain in focus.

https://www.fxempire.com/news/article/economic-data-puts-the-greenback-and-eur-in-focus-663940