Forex Signals – Dollar Gains as Yields Rise
The dollar traded higher in early European trade Wednesday, helped by a jump in U.S. yields ahead of a massive bond auction and amid hopes that the coronavirus outbreak is coming under control.
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At 3:10 AM ET (0710 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.2% at 93.736. USD/JPY was up 0.3% at 106.78 and EUR/USD was down 0.1% at 1.1732.
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Elsewhere, GBP/USD dropped 0.1% to 1.3045 after official figures showed the U.K. economy shrank by a record 20.4% between April and June, the largest contraction reported by any major economy to date.
This means the U.K.’s economy, the world’s sixth biggest, has entered a recession, its first since the financial crisis, as the previous quarter had also seen a gross domestic production contraction.
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That said, sterling losses were minor as a sharp slowdown during the height of the lockdowns had been expected, and there were signs of recovery in the month of June alone when gross domestic product grew by 8.7% from May.
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“The recession brought on by the coronavirus pandemic has led to the biggest fall in quarterly GDP on record,” Jonathan Athow of the Office for National Statistics said.
“The economy began to bounce back in June… Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.”
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Forex Signals – Dollar Gains as Yields Rise
“Downward momentum is beginning to improve, and GBP could drift lower to 1.3005. For today, a sustained decline below 1.3005 is not expected (next support is at 1.2950).”
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