GBP/USD unmoved: United Kingdom in COVID-19 recession after GDP shrinks 20.4% in Q2

The UK is in an official recession, the country’s statistics authority confirmed on Wednesday. GDP fell by 20.4% in the second quarter of 2020, the biggest fall on record, according to figures from the Office for National Statistics. The fall marks the second consecutive quarter of retraction, a widely-used definition of a recession. It is […]

Trump tweets delay 2020 US Election, DXY Sinks Below 93.00 sending EUR/USD Above 1.1800

The U.S. dollar kept sliding with the ICE U.S. Dollar Index falling 0.3% to 92.96. Apart from the record shrinking GDP readings, President Donald Trump’s tweet on delaying the November presidential election helped to beat down the greenback. U.S. official data showed that gross domestic product (GDP) shrank at an annualized rate of 32.9% in […]

EU Leaders Agree EUR 750 Stimulus Package, Lifeline to offset Economic Damage

Politicians and investors cheered the historic agreement among European Union leaders to throw southern members a EUR750 billion ($862 billion) lifeline to offset economic damage from the coronavirus pandemic. For the first time, the EU will borrow hundreds of billions of euros on debt markets to hand governments grants with few strings attached. The funding, […]

GBP/USD NZD/USD Failed to break Key Resistance Levels, AUD/NZD downtrend

👉 The absence of any update following informal U.K.-EU trade talks at a Tuesday dinner suggests little progress was made, which is negative for sterling, MUFG Bank says. “We do not expect to see GBP fortunes change unless a Brexit deal is agreed and we would view no news from last night as more likely bad […]