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The steepest plunge in payrolls since the Great Depression

The steepest plunge in payrolls since the Great Depression | 08 May 2020

08 May 2020, GBP/USD

GBPUSD trading plan:

Positive data from China will have a positive impact on "high-yield" assets. China's vice commerce minister Wang Bingnan says sales of durable consumer goods such as automobiles and home appliances rebounded significantly during the May Day holiday. The U.S. economy likely lost a staggering 22 million jobs in April, in what would be the steepest plunge in payrolls since the Great Depression. U.S. Federal Reserve saying that it does not view negative rates as “appropriate”, a worsening economic downturn could force the Fed’s arm to expand its crisis response. This is a negative signal for the U.S. currency.

Trading recommendation: Buy 1.2375 and take profit 1.2430.

David Johnson
Analyst of «FreshForex» company
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