European Open Market Update The week is off to a dollar start | Legit 📑Doubler 💵 Platform
European Open Market Update
The week is off to a dollar start with the greenback gaining strength across board while pressuring the other Majors as the DXY continues its bounce off multi-year lows around 89.20. The equity market is lower signaling a risk-off market environment -US500 falling off all-time highs and currently sitting on S1 at 3790; the high beta currencies are lagging on the day on the back of falling commodity prices and US dollar strength with AUDUSD back at 0.77, NZDUSD south of 0.72 and USDCAD bouncing off 1.275 to the upside; the safe haven JPY and CHF closely follow the Dollar at the top of the pack.
The negative market environment is attributed to increasing US-China tensions, more on Donald Trump’s impeachment -likely to come this week, increasing virus cases and talk of even tougher lockdown in UK amid fast rise in number of cases and deaths with health facilities set to be overwhelmed.
The economic calendar is light to start the week and as such moves in the FX space will be dependent on the Dollar and the overall market sentiment.
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