Although the greenback rebounded in Asia and European morning on short-covering, dollar fell against its G4 peers in New York after U.S. President Donald Trump suggested the possibility of delaying the presidential election in November.  
  
Reuters reported U.S. President Donald Trump on Thursday raised the possibility of delaying the nation's November presidential election despite its date being enshrined in the U.S. Constitution.     Trump, without evidence, repeated his claims of mail-in voter fraud and raised the question of a delay, writing: "delay the election until people can properly, securely and safely vote???"  
  
On the data front, Reuters reported gross domestic product collapsed at a 32.9% annualized rate last quarter, the deepest decline in output since the government started keeping records in 1947, the Commerce Department said on Thursday. The drop in GDP was more than triple the previous all-time decline of 10% in the second quarter of 1958. The economy contracted at a 5.0% pace in the first quarter.    Economists polled by Reuters had forecast GDP plunging at a 34.1% rate in the April-June quarter.   
  
Versus the Japanese yen, although dollar rebounded from 104.91 in Australia to 105.29 in Asia on usd's broad-based recovery, price later retreated back to 104.91 on another round of selling in the greenback together with fall in U.S. Treasury yields and then lower to an intra-day low at 104.69 near New York closing.  
  
Although the single currency retreated from 1.1794 in Australia to 1.1732 in Europe on downbeat German data and usd's recovery, price erased intra-day losses and gained to 1.1809 in New York morning on renewed dollar's weakness before weakening to 1.1775 on profit-taking. The pair later rallied to a fresh 22-month peak at 1.1848 near New York closing.  
  
Reuters reported the Labour Office said the number of people out of work fell by 18,000 in seasonally adjusted terms to 2.923 million people. A Reuters poll had forecast an increase of 43,000, which would have pushed the unemployment rate to 6.5%. The adjusted unemployment rate remained at 6.4%.   They also reported the German economy contracted by 10.1% in the second quarter, its steepest plunge on record, as household spending, business investment and exports collapsed during the COVID-19 pandemic, preliminary data showed on Thursday.   
  
The British pound went through a volatile session. Although cable retreated in tandem with euro from 1.3005 (Reuters) in Australia to 1.2945 at European open, renewed buying emerged and later rallied to a fresh 4-1/2 month high at 1.3102 in New York morning on cross-buying in sterling together with usd's weakness.  
  
Data to be released on Friday :  
  
Japan unemployment rate, industrial output, consumer confidence, construction orders, housing starts, China NBS non-manufacturing PMI, NBS manufacturing PMI, Australia PPI, France GDP, consumer spending, CPI (EU norm), CPI, Germany retail sales, UK nationwide house price, Swiss retail sales, Italy GDP, CPI, CPI (EU norm), retail sales, EU HICP, core HCIP GDP, U.S. personal income, personal spending, core PCE, PCE price index, employment costs, Chicago PMI, University of Michigan sentiment, and Canada GDP, producer prices, budget balance.  

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

AUD/USD weaker ahead of RBA’s monetary policy decision

The Aussie is weak, despite receding dollar’s demand and the robust performance of US indexes. Coronavirus developments hit the commodity-linked currency ahead of the RBA.

AUD/USD News

Gold: This just might be as good as it gets for gold

The price of gold is trading at $1,975 within a range of between $1,960.54 and $1,986.76 at the time of writing, virtually flat on the day in consolidation having eeked out a fresh all-time high.

Gold News

USD/JPY struggling to retain the 106.00 level

The USD/JPY pair traded as high as 106.46 on Monday but struggles to retain gains above the 106.00 level amid lack of dollar’s demand.

USD/JPY News

Ethereum on its way to regaining $400 while BNB hit a new high at $22.5

BTC/USD is more stable than other coins right now but has been able to recover from its crash towards $10,500. It is currently trading at $11,369 and faces very little resistance until $14,000.

Read more

WTI drops below $40 on demand worries, OPEC+ output increase

Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.85, losing 1.5% on a daily basis.

Oil News

Forex Majors

Cryptocurrencies

Signatures