Home Forex News Risk-on Sentiment Improves Further After US-China Phase I Trade Deal is Still...

Risk-on Sentiment Improves Further After US-China Phase I Trade Deal is Still On

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Euro remains steady after upbeat economic data :-

Global markets sentiment remains elevated the US and China reaffirmed a commitment to their “phase one” trade deal, in a rare sign of co-operation following weeks of wrangling over issues such as the future of Chinese social media platform TikTok in the US. Yesterday we witnessed a follow-up risk-on rally in non dollar currencies. Additionally dollar fell further after US consumer confidence came to the weakest level since 2014.

Meanwhile, a survey by Germany’s highly regarded Ifo Institute showed sentiment among business leaders in Europe’s biggest economy improved to its highest level since February. The research group’s business climate index rose to 92.6 for August, up from 90.4 in July. The data boosted the euro further ahead of global central banker meet tomorrow.

TREND : WEAK BEARISH /SIDEWAYS

Time                                      :           26/08/2020

Pivot                                      :           1.1821

Technical View                     :             LONG ABOVE 1.1841

Target                                   :            1.1857, 1.1871, 1.1892

Technical View                     :             SHORT BELOW 1.1801

Target                                   :            1.1782, 1.1771, 1.1747

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