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Euro Gains Benefits From Weaken Dollar, JPY Remains Strong Amid Risk-Off Tone

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🇺🇸 USD – BEARISH
1️⃣ Still, investors cast doubt on the strength of the US economic recovery and ability to control the pandemic.
2️⃣ Bureau of Economic Analysis’ GDP figures will probably show the US economy shrank by an annualized 34% during the secord quarter, the fastest pace of contraction on record.
3️⃣ Senate Republicans presented a $1 trillion bill which reduces jobless benefits by two thirds (from $600 to $200).

🇬🇧 GBP – BULLISH
1️⃣ EU’s chief Brexit negotiator Michel Barnier said that a new deal with Britain was possible.
2️⃣ Worries that the economic recovery in the US could be grinding to a halt has been fueling speculations of more stimulus from the Fed. This will support Pound.

🇪🇺 EUR – BULLISH
1️⃣ Euro remained well supported by the latest optimism over a landmark agreement on the EU’s €750 billion pandemic recovery fund – aimed at aiding the region’s worst-hit economies.
2️⃣ German Business Climate came in on the strong side in July.
3️⃣ German Q2 GDP should be better due to spending recoveries.

🇳🇿 NZD – BEARISH
1️⃣NZ joining the throng of countries cutting extradition ties with Hong Kong in response to China’s new national security law.
2️⃣ Risk-off market sentiment expected as the number of coronavirus infections continued to rise worldwide, with several European countries being forced to re-impose restrictions to combat the spread of the virus.

🇨🇦 CAD – BEARISH
1️⃣ Flaky risk sentiment are hampering the Loonie.
2️⃣ Oil prices were lower on Tuesday, with WTI futures falling further to around $41.3 a barrel and Brent crude reversing earlier gains to near $43.3 a barrel as investors weigh rising coronavirus cases and prospects of more stimulus.

🇦🇺 AUD – BEARISH
1️⃣ Australia added a near record 532 cases on Monday, with the president of the Victorian branch of the Australian Medical Association Julian Rait calling stage-four lockdown restrictions.
2️⃣ Dropped in consumer inflation expectations in Q2 will affect Australia’s CPI data tomorrow.

🇯🇵 JPY – BULLISH
1️⃣ The Japanese Yen gains as accelerating coronavirus infection rates continued to dampen hopes of recovery for the United States economy.
2️⃣ The recent escalation of diplomatic tensions between the world’s two largest economies forced investors to take refuge in traditional safe-haven assets.

🇨🇭 CHF – BULLISH
1️⃣ The recent escalation in diplomatic tensions between the US and China added to market concerns that the economic recovery in the US could be grinding to a halt amid the resurgence in coronavirus cases.
2️⃣ Risk-off markets sentiment will help Swissy.

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