GBPUSD is rising with the launch of Corona vaccines
GBPUSD witnessed a recovery in the morning of Monday’s trading in the European market, as…
USD index rose in the European market on Monday, to maintain its gains for the fifth consecutive day, close to touching the highest level in a week, thanks to the broad rise of the 10-year US Treasury bond yield, amid positive sentiment that dominates investors after strong data For Chinese exports.
USD index rose by 0.1% to the level of 93.09 points, and the opening level of trading today at 92.98 points, and recorded the lowest level at 92.81 points.
The index ended Friday’s trading, up 0.2%, its fourth consecutive daily gain, and recorded its highest level in a week at 93.24 points, as forex trading investors continued to focus on buying the US currency against a basket of major and minor currencies.
Therefore, the index achieved a rise of 0.8% throughout e all of last week’s trading, it’s a second weekly gain in the last three weeks.
The yield on US 10-year Treasury bonds rose by about 13% on Monday, bouncing from a three-week low of 0.604% to 0.747%, thanks to positive sentiment dominating investors, focusing on buying riskier assets.
Customs data in Beijing on Monday showed Chinese exports rose by 9.5% in August, the largest increase since March 2019, exceeding experts’ expectations for a 7.1% raise, and exports recorded a 7.2% rise in July.
Those data boosted hopes of the second economy quickly overcoming the damage caused by the Coronavirus pandemic, which supports indicators of global economic recovery and international trade movement.
Despite the current gains for USD, it is still limited, especially after Federal Reserve Chairman Jerome Powell reiterated on Friday that the central bank plans to keep interest rates low for a long time.
Powell said he believes the economy will need low-interest rates to support economic activity for an extended period of time that will be measured in years.
Professional Trader and Analyst, economist in Financial and Forex market since 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.
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