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DXY Gains Short-Lived
Better than expected manufacturing figures in July saw the US Index closing above 93 on Monday. This slight increase came after July saw the worst monthly fall in the index for 10 years.
The dollar saw gains against most of the major pairs in yesterday’s trading session. However, this was short-lived due to the lack of progress towards reaching a consensus on the latest stimulus measures.
In addition, COVID-19 cases remain at a high level.
Euro Rebounds Above 1.17 Mark
A rebound on the EURUSD pair was registered early on Tuesday. This came after the pair started the month downbeat and after Monday’s session ended with an indecision candle.
Europe has scrambled to stop a second wave of the pandemic, leading to positive sentiment remaining. In addition, investor hopes were bolstered by an improved PMIs in Spain and Italy.
Pound Maintains Grip Despite Brexit Uncertainty
The pound also kept its momentum against the US dollar from the start of the month.
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