USDJPY Daily Outlook 31-07-20 – On Thursday we found out that the US GDP dropped a record 32.9%, the worst contraction ever. In the meantime, the President of the US, Trump, toyed with the idea of delaying the US elections, something even many of his supporters consider dangerous and a fascist move. The U.S. weekly jobless claims also rose for a second straight week. Meanwhile, the UK is worried about the second COVID-19 wave in Europe.
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On Friday we’ll be watching out for GDP numbers from Spain, Italy, and the Euro Area and the PCE Price Index from the US.
Today I’m looking at the USD/JPY pair which seems to be on a freefall towards the lows of March at 101, as investors dump the USD and turn for safety in the Japanese Yen.
With Goldman Sacks also warning of the risk of further USD devaluation, we could expect the bears to win this game in the medium term.
Do you think there’s hope for a USD recovery? Head over to the comments section and let me know.
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