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USD Falls On Manufacturing Miss & Fed Talk
The US dollar has been trading in the red once again over the morning session on Tuesday and, in light of the heavy sell-off in USD over the last two weeks, the near-term outlook remains heavy. Yesterday, the US ISM Manufacturing reading fell back to 50.1 from 50.9 previous, below the expected 50.5 level. Following on from a statement released last week by Chairman Powell, the market now expects the Fed to ease this month, which should keep USD weighted to the downside. USD index trades 97.56 last.
Euro Lower On USD Strength
EURUSD continues to trade in the green today. EUR has been much firmer over the last week, benefiting from USD weakness though sentiment towards the Eurozone remains bearish in the bigger picture in light of recent data softness and ongoing coronavirus fears. EURUSD trades 1.1109 last, softening a little from the recent highs.
GBP Lower on...
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