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EUR/USD dips as lingering US-China tensions bode well for the US dollar. Technical indicators suggest scope for a re-test of the lower end of the multi-week trading range. Deeper losses may remain elusive if the German IFO numbers beat estimates.
GBP/USD sellers catch a breather amid a lack of major catalysts on Spring Bank Holiday. UK PM Johnson gets criticized while favoring Adviser Dominic Cummings. US-China tussle intensifies with eyes on US President Trump’s reaction over the Hong Kong issue.
The new week has kicked off with dollar strength as the US and China have kept tensions high. Thin liquidity and potential erratic movements may occur as the United States and United Kingdom are on holiday.
Gold, a safe-haven asset, is flashing red at press time even though the growth-linked currencies like the Aussie dollar are struggling to gain altitude. Technical charts indicate scope for deeper declines in the short-term.