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Good and bad factors for the U.S. dollar

Good and bad factors for the U.S. dollar | 04 August 2021

04 August 2021, GBP/USD

Good and bad factors for the U.S. dollar

GBPUSD trading plan:

The Federal Reserve Bank of New York's Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit. U.S. consumers’ demand for new debt grew in the second quarter and credit card use rebounded, reversing the trend of declining card use seen earlier in the coronavirus pandemic. Total household debt increased by $313 billion in the second quarter to $14.96 trillion, the New York Fed said in its quarterly report on household debt and credit. Mortgage debt continued to be the biggest driver of that growth, rising by $282 billion to $10.44 trillion by the end of June. This is a positive signal for the dollar. Geopolitical tensions in the Middle East may provoke a bullish rally in the oil market, which is a negative factor for the dollar. Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the U.S., U.K. and Israel all blamed on Tehran.

Investment idea: range 1.3880 -1.3970.

David Johnson
Analyst of «FreshForex» company
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