EURUSD, GBPUSD, USDJPY
Weekly Forex Analysis
(July 20 - July 24, 2020)
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US Dollar Fundamental Outlook: Quiet USD Calendar Betokens Fx Lull Is likely to Continue
Trading remains quiet and sideways across the board in the Fx market. The US dollar declined moderately last week on a combination of factors, though none of a critical magnitude that could alter the broader currency trends that are presently playing out.
The coronavirus pandemic remains the primary focus in markets. While some progress on making a vaccine by the US, the UK, and Russia supports the risk-on mood, the number of new COVID-19 daily cases in the US and everywhere continues to rise. So, it’s still early to say that the world is containing the pandemic. Traders thus will stay on edge, and, although an unlikely scenario from the current perspective, the safe-haven USD will be ready to resurge in case
risky assets roll off again.
The USD calendar for the week ahead features no tier1 impactful events. Therefore, the dollar is likely to stay range-bound overall, and possibly find its direction based on developments in other parts of the world and the COVID-19 pandemic.
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