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The US dollar index closed last week on a bearish note. It was the first in three weeks. The weakness in the USD came despite President Trump ruling out intentions to weaken the currency. Trade wars remain in the forefront of the markets. US producer prices data showed a 0.1% decline on the core while rising 0.2% on the headline.
Sterling Slips to Multi-Year Lows
The UK’s economy fell into contraction unexpectedly in the second quarter of 2019. The declines come on the back of the country’s uncertainty on its departure from the EU in October of this year. The UK’s second quarter GDP was down 0.2% on the quarter, against estimates of a flat print. Businesses held back on investment in the face of Brexit uncertainty. The contraction in the second quarter was the worst since 2012.
Will GBPUSD Continue to Fall?
The currency pair fell to a fresh two-year low by Friday’s close. The declines saw GBPUSD test...
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