Record lowest US benchmark yield creating downside pressure in Dollar Index notably helping euro and yen to rise further. The yield on the 10-year Treasury note dropped to 0.52% according to the daily closing calculation.
Moreover on March 9, the benchmark fell to 0.31% amid initial trigger of outbreak.From the majors, euro remains firm amid dollar weakness. However we think the broad rally may come further if European equities started to attract inflows. On the hand sterling remains choppy ahead of BoE rate decision tomorrow. We think BoE mah opt for dovish stance that may push down sterling from current levels.
TREND : BULLISH
Time : 05/08/2020
Pivot : 1.1786
Technical View : LONG ABOVE 1.1806
Target : 1.1862, 1.1866, 1.1892