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EURUSD Rises Back on Speculation of US Rate Cut
The euro recouped most of February’s losses after the greenback retreated across the board last week. The first confirmed coronavirus case with unknown origins in the US raised concern that the largest economy could face a larger outbreak. Bets for a Federal Reserve rate cut to prevent a recession have risen, which hammered the US dollar. This week’s ISM and jobs data in particular will stir up short-term volatility. While positive figures may put a brake on the dollar’s demise, a disappointment could help the euro reverse its bearish course. 1.1095 is a major resistance level ahead, and a breakout may lead to an extended rally.
GBPUSD Looks to Break out of Post-Election Range
Cable has been stuck in a narrowing trading range for over two months. Between a possible Fed easing and UK’s trade uncertainty, markets have yet decided which currency is the weakes...
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