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In the United States, inflation is rapidly growing, as a result the real profitability of the American currency is dropping. The weak dollar helps the euro and the pound sterling to rally. Currencies that depend on oil are also rising as oil prices are still stable. So, for example, the Norwegian krone gained in value. And the Swedish krone is growing amid a mild economic downturn, as the country did not impose a total lockdown.
The US dollar rose by 0.6% amid refusal to implement the threat to raise tariffs by $7.5 billion on imports of European goods. It is the third increase in a row. Italian bonds remained stable after the country sold the new debt at an auction in mid-August.
The Australian dollar rose by 0.4% to trade at 0.7162 amid encouraging employment data.
USD/NOK fell for the fourth day, dropping by 0.7% to hit 8.8803. USD/SEK decreased by 0.2% to 8.6732. The US dollar index dropped by 0.3%. USD/JPY has changed a little and now, it is trading at 106.96.
The euro continues to rise, climbing by 0.6% to $1.1853. This is the maximum level over a week. The pound sterling also advanced by 0.6% to $1.3112. This is the daily high.
The pound sterling is strengthening amid the US dollar weakness, despite the difficult Brexit process that puts pressure on the British currency.
According to the latest data, the UK economy dropped by a record 20.4% in the second quarter of this year. For comparison, in the EU, the economy fell by 12.1%, and in the US, by 9.5%.
Against the euro, the British currency remained unchanged at 90.455.
However, investors do not hope for a long pound rally amid a weakening dollar. They think that the pound would drop by the end of the year, expecting it to recover in 2021.
Brexit is affecting the prospects for the pound sterling, as the UK will exit the Single European Market and customs union on December 31. Now, investors are waiting for the next negotiations between the EU and the UK. The price of the pound sterling depends on these negotiations.
The strategists are confident that the pound sterling will be under pressure as long as there are no positive moves in the Brexit negotiations.
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
