Home Forex News The USD Losses on Tuesday, After Slumping to a Two-Year Low

The USD Losses on Tuesday, After Slumping to a Two-Year Low

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The dollar nursed losses on Tuesday, after slumping to a two-year low, as investors worry about the damage from the coronavirus to the U.S. economy and await the latest outlook from the Federal Reserve and the passage of a new fiscal rescue package.The U.S. currency’s drop has put a rocket under gold prices and has the yen standing near its highest in four months, the euro just below a 22-month high and the kiwi close to its strongest since January.

While the moves were modest, they kept pressure on the greenback ahead of the two-day Federal Reserve meeting that gets underway later Tuesday as speculation mounts about a possible shift in policy emphasis – even if no policy change is expected.At the same time the euro’s rise has been unstoppable since European leaders struck a deal for a common debt pool to fund recovery spending in the worst-hit countries.

WEAK BEARISH / SIDEWAYS

Time                                      :           28/07/2020

Pivot                                      :           1.1729

Technical View                     :             LONG ABOVE 1.1749

Target                                   :            1.1769, 1.1792, 1.1834, 1.1882

Technical View                     :             SHORT BELOW 1.1709

Target                                   :            1.1689, 1.1662, 1.1624, 1.1572

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