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Abstract:The US dollar fell from a two-week high yesterday on profit-taking, Friday's non-farm payrolls data, which is expected to receive large-scale employment payments amid the Covid-19 pandemic that has produced the global economy.
The US dollar fell from a two-week high yesterday on profit-taking, Friday's non-farm payrolls data, which is expected to receive large-scale employment payments amid the Covid-19 pandemic that has produced the global economy. The dollar weakened from the euro, Swiss francs and some trading currencies, such as ausie and loonie. However, during the week the dollar is still strengthening around 0.9%. The US economy is estimated to have lost about 22 million jobs in April, with a purchase rate of 16%, according to a Reuters poll. While data yesterday showed that 3,169 million US citizens were asking for work benefits. The dollar still strengthened after the release of the data, but then fell due to profit taking.
The euro managed to recover after falling to its lowest level two weeks yesterday amidst ECB stimulus stimulus and after the decision of the German High Court. EUR / USD strengthened 0.3% to $ 1.0825. Meanwhile, sterling gained 0.3% from the dollar to 1.2373 after the BoE meeting, which decided to keep interest rates and not increase the number of purchase approvals.
Poor economic data in various countries and labor conditions in the US, where millions of US citizens continue to claim supportive allowances, encourage investors to look again at gold for hedging assets, even compiling a stock market that is supported to strengthen. The price of gold rose 2.2% to $ 1725.80, while the price of gold rose 2% to $ 1718.18. Data last night showed US unemployment claims rose again by 3.17 million, bringing the total number of people who filed benefits claims to 33 million since the Covid-19 crisis hit the United States. In addition, gold benefited from the weakening dollar.
Oil prices fell in two consecutive sessions after failing to hold above the resistance level of $ 25 per barrel. The price of WTI oil fell 1.8% to $ 23.55 per barrel, after rising to a daily high of $ 26.73. WTI has doubled from its bottom level of $ 12.34 achieved on April 28. While Brent oil fell 1% to $ 29.00 a barrel, after reaching a daily high of $ 31.84. Prices were issued yesterday after a Reuters report quoting Aramco raised its selling price of oil by $ 1.40 a barrel. The price increase was also supported by optimism about the reopening of economic activity in several US states after a six week lockout to mitigate the spread of the corona virus. However, the issue of oversupply and full storage still exacerbates oil sentiment.
Stock markets in South Korea have agreed to decline in the three approved sessions and posted a weakening of around 3.1%. Today, the Kospi index is expected to rebound on the strengthening of global stock markets amid optimism about lockdown relaxation in various countries. US and European stock markets rose yesterday, and Asian exchanges are expected to move in the same direction as the second stock exchange.
[About The Author]
Fanny has started her self-learning of Forex since 2005 and has joined an Indonesian broker as a financial consultant in 2009. Through “trial and error”, she has learnt a lot from failure experiences. She is now a renowned trainers for the forex beginners and has helped the clients to get the profits from trade.
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