xysoom
Matrosen-Obergefreiter
Joined: 26 May 2020
Location: China
Online Status: Offline
Posts: 64
|
| Posted: 30 June 2020 at 09:51 | IP Logged
|
|
|
The Weekly Focus of Currency and Commodities Market
 22/637257598576182787/ART637257598576182787_165710.jpg-
wikifx_articlepic">
The pound has shown extreme weakness due to a No deal
Brexit, and a non- desirable interest rate talks after
the GBP performed badly in May by losing 4% of its value
against the USD and 3% against the EUR.To get more news
about
W
ikiFX, you can visit wikifx news official website.
¡¡¡¡It sank to a low of $1.2073, making it the third
weakest currency, only slightly ahead of the NZD and
Norwegian Krome.
¡¡¡¡Analysis
¡¡¡¡The British pound broke down during the early part of
the trading session on Thursday, slipping through the low
of the shooting star during the day on Wednesday, and
that suggests that we could go lower shorting the pound.
¡¡¡¡However, we have had a little bit of a bounce back
during the trading session and that shows just how
resilient and tough the British pound is trying to be.
¡¡¡¡Keep in mind that this pair is sensitive to the risk
appetite of traders around the world, as the Japanese yen
is considered to be a ¡°safety currency based on the
current pandemic.¡±
¡¡¡¡Furthermore, the British pound of course has to deal
with the Brexit situation and all of the noise involving
the coronavirus numbers in the United Kingdom.
22/637257598577745041/ART637257598577745041_578766.jpg-
wikifx_articlepic">
Gold, a safe haven Commodity, dropped sharply in March
due to the Pandemic as can be expected.
¡¡¡¡However, it rallied swiftly in April, trading above
the $1700 mark as a result of concerns on COVID-19 fears
from Investors.
¡¡¡¡The gold futures contract gained 0.37% on Wednesday
as it continued to fluctuate after reaching new monthly
high of $1,775.80 on Monday. It has retraced almost all
of its downward correction from April 14 high of
$1,788.80. The market is extending over month-long
consolidation, as we can see on the Weekly chart:
22/637257598578526086/ART637257598578526086_396130.jpg-
wikifx_articlepic">
The German Chancellor, Angela Merkel alongside French
President Emmanuel Macron have agreed on a €500 billion
recovery fund for the EU states worst hit by the COVID-19
pandemic.
¡¡¡¡Europe¡®s response to the economic turmoil brought
about by the global coronavirus shutdown is about the
EU¡¯s financial unity.
¡¡¡¡The EUR dropped 3.5% this year to $1.08, close to its
lowest level against the USD since May 2017.
¡¡¡¡According to the European Commission Forecast, the
Eurozone may head for the deepest recession in its entire
history, with its Economy expected to contract 7.7% this
year.
¡¡¡¡This reflects the damage caused by the COVID-19
pandemic, the European Southern states.
|
Active Topics 
Memberlist 
Search 
Help
Register 
Login
U47.org Forum :: The Cadet School
Topic: The Weekly Focus of Currency and Commodit
