GBPUSD stabilizes as vaccines optimism around the world

Last Updated on September 5, 2020

GBPUSD stabilizes during trading today, Friday, in light of continued optimism regarding vaccines against the Coronavirus.

The Bank of England President “Andrew Bailey” had warned that the risks of the Coronavirus crisis were more dangerous to the British economy than the repercussions of an inflexible exit from the European Union without an agreement.

This comes at a time when no agreement has yet been reached regarding the post-“Brexit” period between London and Brussels.

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There are deep differences between Britain and the European Union on several points, most notably immigration and the customs union.

The number of people infected with the Coronavirus worldwide has exceeded 26.6 million cases, while more than 870,000 people have died of the disease so far.

In terms of trading, GBPUSD stabilized by 21:22 GMT at 1.3280, and reached the highest price at 1.3320, while the lowest price was recorded at 1.3176.

GBPUSD stabilized after US jobs report

The US Labor Department had revealed in official data that the world’s largest economy added 1.371 million jobs during August, which came close to analysts’ expectations that indicated the addition of 1.375 million jobs.

Moreover, the unemployment rate in America decreased to 8.4% last month from 10.2% while analysts’ expectations indicated a decline of 9.8%.

The US stock market is facing intense sales, especially on shares of technology companies, after reaching record highs and exceeding the “Dow Jones” level of 29 thousand points.

US President Donald Trump praised the successive rise of Wall Street and its record gains, saying that his country’s citizens are fortunate to be their president, and warned at the same time that these gains would diminish if his rival wins the elections.

In terms of trading, the dollar index rose (against major currencies) by 18:00 GMT by 0.2% to 92.8 points, and recorded the highest level at 93.2 points, while the lowest level was recorded at 92.6 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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