EUR rose the most in a decade in July, the GBP marked its best July since Y 1990, and for the 1st time this year, every major currency in the world rose against the Buck.
It is all thanks to the USD’s 4.6% dive, its biggest monthly decliner since Y 2010.
The world’s reserve currency of choice was already on the back foot when President Trump raised the idea of delaying elections this year. He added fuel to the rout driven by falling US Treasury rates, real yields near all-time lows and disappointment over America’s response to the C-19 coronavirus compared to Europe.
The Japanese Yen strengthened more than 3% Vs USD in July, the biggest increase since Y 2018. Its appeal as a haven is growing as the dollar drops
The Pound Sterling has recovered losses since the virus lockdown began in March, trading as high as 1.3145 Vs USD. It’s 5.9% gainer this month is the biggest since Y 2009.
EUR, the common currency advanced more than 5% this month to the highest since May 2018.
We see more Southside to the USD going forward.
Have a healthy day, Keep the Faith!