Forex Signals Dollar Heads Higher Sterling Slips
The dollar has strengthened in early European trade Monday, with investors seeking out this safe haven after the Covid-19 outbreak forced the biggest reversal of U.S. economic reopening to date and the U.S. and China squared off over territorial disputes in the South China Sea.
The number of Covid-19 cases globally has now passed the 13 million mark, according to Johns Hopkins University data, jumping by one million cases over the last five days.
This has resulted in demand for the dollar as hopes of a quick economic recovery fall, with some countries, including the U.S., re-imposing lockdown measures to curb the spread of the virus.
Gross domestic product rose by just 1.8% in May after slumping by a record 20.3% in April, Britain’s first full month of lockdown.
The single currency is “consolidating its role as the most overbought currency in the G10 ahead of a busy period in the eurozone, with the European Central Bank meeting and the EU summit on the Recovery Fund possibly revamping EUR volatility in the coming days,” said Francesco Pesole, FX Strategist at ING, in a research note. Forex Signals – Dollar Heads Higher; Sterling Slips
EUR/PLN traded 0.1% higher at 4.4907. What is the bid / ask spread?
In the first half of the year, exports of textile products including face masks surged by 32.4%. Exports of medicines and pharmaceutical products and medical equipment increased by 23.6% and 46.4%, respectively.
Driven by the increase of people working from home, exports of laptops increased 9.1%.
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