Forex Today: Dollar keeps weakening ahead of NFP

Here is what you need to know on Friday, August 7: The dollar remained under pressure, with high-yielding currencies extending their weekly advances t  |  06/08/2020 21:16

Here is what you need to know on Friday, August 7:

The dollar remained under pressure, with high-yielding currencies extending their weekly advances to fresh highs.  There was no particular reason behind the decline, but the lack of progress related to an aid package.

US President Trump tweeted: “I’ve notified my staff to continue working on an executive order with respect to the payroll tax cut, eviction protections, unemployment extensions and student loan repayment options."  US Republican Senator Shelby said that the two parties are still far apart on a deal.

The Bank of England had a monetary policy meeting and left the current rate unchanged at 0.1% in a unanimous decision. Also, the growth forecast has suffered an upward revision, with the economy seen contracting this year by 9.5%, against a previous estimate of -14%. BOE’s Governor Bailey offered an optimistic speech, remarking that, while negative rates are part of the toolbox, they are not thinking on using them, but instead, suggested that they can do more QE or use new forms of forward guidance.

Gold soared to a record high of $2,070.00 a troy ounce, while crude oil prices hold on to familiar levels, but off their recent highs.

Focus is now on the US employment report and any possible agreement between Democrats and Republicans. If Congress agrees on an aid package and the NFP beats, the dollar could recover nicely.

Cryptocurrency Market News: $1.2 billion in Bitcoin was withdrawn out of exchanges in the past week

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on finance
and other asset classes for Market Insight viewers

Back

Login to Market Insight Account

Your Market Insight account gives you access to the tools that we offer our customers including our
Technical Studies & Sentiment for your accounts.

Forgot Password?

Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

Create a Market Insight's Account

Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

register_ty

Thank you!

Welcome to Market Insight family!

You have succesfully completed the registration.
We will send you an e-mail to give you some
instructions and our Terms and Conditions!
Our account representatives will be contacting you as
soon as possible. If you have any further questions
please do not hesitate to mail us via info@marketinsight.com