Forex Today: Dollar returns to the losing path – FXStreet
Here is what you need to know on Tuesday, August 4:
The dollar extended Friday’s gains at the beginning of the day but finally gave up during US trading hours. The greenback appreciated without a clear reason beyond position adjustment at the beginning of the month.
The EUR/USD pair bounced from around 1.17, while GBP/USD found buyers around 1.30, clearly reflecting the limited interest for the dollar. All in one, it seems that the corrective advance of the American currency is already complete, and there are no reasons for it to extend its gains.
Equities surged, in detriment of safe-haven assets. Tech shares led the way higher within the American afternoon.
The pandemic remains in the eye of the storm. Somehow, it seems that the number of new cases in the US has stabilized, although Richmond Fed President Barking said that the coronavirus resurgence is dampening the pace of the US economic momentum and the path of the economy depends critically on the path of the virus. The Aussie got hit by the latest curfew in Victoria, as the government seems incapable of containing the latest outbreak.
Gold retained its gains, holding above $1,940 a troy ounce.
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