Currency Market Outlook - July 2020
Our July report outlines the key events and drivers that our analyst team expect to impact FX currency markets in the weeks ahead.
Written by George Vessey, UK Currency Strategist
USD: U.S. second quarter growth, due in late July, is forecast to show the world’s top economy took an unprecedented plunge of at least 30%.
CAD: Canada’s June jobs report, if stronger than May, would bolster confidence in the nation’s economic recovery.
GBP: Amidst a pandemic-induced depression of unknown duration, a no-trade deal Brexit would cause additional trade shocks to an already ultra-uncertain environment.
EUR: The euro could fall back to its early May low level ($1.08 - 1.10) in the event of bad news, while the announcement of a European deal could make the euro bounce above $1.15.
JPY: The “V” shape volatility of the yen in June confirmed that market sentiment is fragile. Recent hiccups in global stock exchanges confirmed that idea and propped up the demand in yen.
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