Cryptocurrency

Forex – Dollar advances against the Euro, Pound and Bitcoin

Forex market – Since the release of yesterday’s data of retail sales in the U.S., which was better than expected, the dollar has strengthened against the Euro, the Pound Sterling and up to the Bitcoin.

Despite the drawbacks of social and health facing the united States, the dollar remains strong, at least in the short term. We must not lose sight that the FED continues to print money to be able to comply with all of the subsidies promised by the government of Donald Trump.

The dollar index is advancing 0.2% to 97.16. All forms are found near their annual minimum of 94.60.

Forex market: Sentiment on the dollar

The sentiment underlying the u.s. dollar remains unclear, though the FED chairman speaks again today on Capitol Hill, warns that risks remain in the economic outlook and that the economy is not out of danger, wrote Joe Manimbo, senior market analyst in business Solutions Western Union.

The dollar index has recovered from a minimum of three months last week, but the outlook for the safe haven currency seem weak as economic data from the united States have begun to recover and the stock market indices have soared.

The general outlook for the dollar remains negative, as the investors are cutting down on some of the bets coverage of risk, some of which were buying dollars, ” said Ilan Solot, a strategist of currency markets at Brown Brothers Harriman.

Powell said Tuesday that it will not produce an economic recovery in full of the U.S. until americans are confident that the pandemic coronavirus has been controlled. That is far from true, with new infections reached records Tuesday in six states of the united States, including Texas and Florida.

At the time of publication the EURUSD is traded at 1.1234, according to the broker SimpleFX. In the graph below you can observe with clarity as from mid-march, the greenback has been severely punished.

Graph of the Euro / Dollar in 2020

Data to be taken into account

Thursday and Friday will be loaded with data macros, high-impact, which can move with strength to the markets. The highlights are (times are GMT -3):

08:00 – Rate unemployment United Kingdom. It is expected unchanged at 0.1%.14:00 – Speech by the president of the FED.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:
1 – Editorial author’s own content.
2 – external Source: Reuters.
3 – Source of the graph of the Euro / Dollar: SimpleFX

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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