19 Aug Weekly Forex Review (August 19– 23 August 2019)
Weekly Forex Forecast
China this week called the US decision to impose additional tariffs on some Chinese imports as an action against the agreement the sides had reached at the G20 summit in Osaka and said that they will have to take countermeasures. While speaking at a rally in New Hampshire yesterday, US President Donald Trump said that they would lose all the leverage in trade negotiations if they were to take tariffs off the table.
Meanwhile, today’s data from the US showed that consumer confidence deteriorated sharply in August with the University of Michigan’s Consumer Confidence Index slumping to 92.1 from 98.4 and missing the market expectation of 97.2. The US Dollar Index retreated from its highs on the disappointing data but remains on track to close the week with a gain of more than 1% above the 98 handle.
The EUR/USD pair has fallen for four consecutive days, settling below the 61.8% retrenchment of its latest daily advance at around 1.1110, now the immediate resistance.
GBPCAD hopefully touch resistance level then goes down again.
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