The Greenback Continues to Lose Ground

The US dollar continues to weaken against a basket of world currencies. Yesterday, the dollar index (#DX) updated local lows and closed in the red zone (-0.74%). Financial market participants' concerns about the COVID-19 epidemic have escalated again. The number of infected in the world has exceeded 15 million. US President Donald Trump said that the situation with the coronavirus pandemic could worsen even more. After four days of negotiations, EU leaders have agreed on a $2 trillion economic recovery plan.

According to the Australian Bureau of Statistics, growth in retail sales in the country slowed down to 2.4%, compared to the market expectations of 7.1%. Today, investors will assess Canada's inflation report and the US existing home sales data. We recommend paying attention to the difference between the actual and forecasted values.

The "black gold" prices have been declining. At the moment, futures for the WTI crude oil are testing the $41.25 mark per barrel. We recommend paying attention to the EIA crude oil inventories at 17:30 (GMT+3:00).

Market indicators

Yesterday, the US stock market showed a variety of trends: #SPY (+0.21%), #DIA (+0.57%), #QQQ (-1.04%).

The 10-year US government bonds yield has been declining. At the moment, the indicator is at the level of 0.59-0.60%.

The news feed for 2020.07.22:
  • - Report on inflation in Canada at 15:30 (GMT+3:00);
  • - Existing home sales in the US at 17:00 (GMT+3:00).

by JustForex, 2020.07.22

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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