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Good and bad news for the dollar

Good and bad news for the dollar | 24 August 2020

24 August 2020, EUR/USD

Good and bad news for the dollar

EURUSD trading plan:

Good and bad news for the dollar. A widening budget deficit paired with a continued trade deficit is an issue for the USD. Federal Reserve warned that the path to U.S. economic recovery from the Covid-19 outbreak remained highly uncertain, with the recovery in hiring starting to slow. The USs Treasury Department is increasing loans, which has a negative impact on the value of the dollar. IHS Markit said its flash U.S. Composite PMI Index rose to a reading of 54.7 this month - the highest since February 2019 - from 50.3 in July. Its flash - or preliminary - indicator for the manufacturing sector stood at its highest since January 2019 and for the services sector it was the highest since March 2019. This is positive news for the dollar.

Trading recommendation: range 1.1760 -1.1840.

David Johnson
Analyst of «FreshForex» company
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