Forex news from the European trading session – 18 August 2020
- GBP leads, USD lags on the day
- European equities higher; E-minis up 0.2%
- US 10-year yields down 1.5 bps to 0.673%
- Gold up 1.1% to $ 2,006.63
- WTI down 0.4% to $ 42.72
- Bitcoin down 0.5% to $ 12,268
It was a largely quiet session once again in Europe amid an empty calendar day, but the market is continuing with the same theme from yesterday for the most part.
The dollar is weaker in trading today, falling further across the board with EUR/USD testing key resistance at 1.1900 and GBP/USD testing near-term resistance at 1.3170-86.
Meanwhile, USD/JPY slips further alongside Treasury yields with the pair easing from 105.60 to 105.40 during the session. USD/CHF is also gradually making fresh five-year lows with USD/CAD falling to its lowest levels since January under 1.3200.
Elsewhere, gold managed to reclaim the $ 2,000 level and stocks are looking more buoyed going into North American trading. US futures are a little higher after Walmart reported better earnings as e-commerce sales grew by 97% amid the pandemic.
All in all, the market is still pretty much sticking with the same theme from yesterday and the dollar is now reaching a key crossroads. It is make or break time for the greenback, so let’s see what North American traders have to offer later in the day.