GBPUSD is raising after unexpected US economic data

Last Updated on August 14, 2020

GBPUSD rose during trading today, Friday, in light of the uncertainty about global economy due to the continuing of “Coronavirus” crisis.

Russian President “Vladimir Putin” announced earlier this week that it had registered first vaccine in the world to prevent Coronavirus, but countries led by United States questioned its effectiveness and safety of use.

European Union signed a deal to buy 400 million doses from British biotechnology company “AstraZeneca”, a promising vaccine developed by the company in cooperation with University of “Oxford”.

It is reported that British Prime Minister “Boris Johnson” has warned that several European countries are vulnerable to a second wave of Coronvirus.

gbpusd

In terms of trading, GBPUSD rose by 18:53 GMT by 0.2% to 1.3091, and the British currency recorded its highest price today counterpart at 1.3143, while the lowest price was recorded at 1.3048.

GBPUSD is increasing after US retail sales data

USD retreated against most of major currencies during trading today, Friday, following release of economic data below expectations, and kept its losses in light of continued failure to reach an agreement between Congress leaders regarding the second stimulus package to face repercussions of Coronavirus crisis.

Government data revealed that US retail sales index rose by 1.2% in July, below expectations ratio at 2% compared to a rise of 8.4% in June.

Negotiation continues in USA about incentive package

Leaders of Democrats and Republicans in US Congress continue their discussions in order to pass second package of incentives to confront Coronavirus consequences and severe economic damage in United States.

In terms of trading, dollar index fell (against a number of major currencies) by 18:04 GMT by 0.2% to 93.1 points, and recorded highest level at 93.4 points, while lowest level was recorded at 93.02 points.

Professional Trader and Analyst, economist in Financial and Forex marketsince 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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