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Sterling Continues To Drift Lower As The UK Economy Steps Into Severe Lockdown Restrictions.

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The UK is imposing stricter lockdown measures, including forcing pubs and other hospitality venues to close at 10pm from Thursday, and sterling slipped 0.6 per cent against the dollar to trade at $1.274, its lowest level since July. The currency was weaker even though the governor of the Bank of England made it clear that it did not plan to push interest rates below zero in the near future as reported in FT.

Latest Statement From Fed’s Chair About Fiscal Expansion Prompted Dollar at Bid.

Mr Powell appeared before the House financial services committee on Tuesday as prospects for a Capitol Hill compromise on a relief bill appeared dim, and issued his latest in a series of pleas for additional federal action in response to the pandemic-induced economic downturn.

US Market rebounds on bargain hunting

The US stock market finished higher on Tuesday, 22 September 2020, with two of the three major averages snapping four days of losing streak, as the recent market pullbacks triggered a bargain buying opportunity for growth companies in the US. However, market gains capped as a likely delay in new fiscal stimulus by the United States Congress and concerns about faster economic recovery after an increase in the number of coronavirus cases.

TREND : WEAK BEARISH

Time                                      :           23/09/2020

Pivot                                      :           1.2767

Technical View                     :             LONG ABOVE 1.2787

Target                                   :            1.2807, 1.2839, 1.2929, 1.2986

Technical View                     :             SHORT BELOW 1.2747

Target                                   :            1.2727, 1.2652, 1.2605, 1.2505

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