A resurgent coronavirus pandemic in the United States and the prospect of improving growth abroad are souring some investors on the dollar, threatening a years-long rally in the currency.
The dollar index is off 6% from its recent highs, while net bets against the currency in futures markets stand near their highest level since 2018.
A decline in the dollar earlier this week set off a technical formation known as a “Death Cross,” which occurs when the 50-day moving average crosses below the 200-day moving average, according to analysts at BofA Global Research.
Past occurrences of the Death Cross have been followed by a period of dollar weakness eight out of nine times since 1980 when the 200-day moving average has been declining, as it is now, analysts at the bank said.
The U.S. currency’s weakness comes amid criticism over the government’s response to the coronavirus pandemic and protests over racial inequality that has eroded support for President Donald Trump months before the Nov. 3 presidential election
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NEWS and COMMENTARY
Gold hits 1-week peak as U.S.-China row adds to safe-haven demand
Gold ends with a modest loss, holding ground above $1,800 an ounce
Trump says he is ‘not interested’ in trade talks with China
Fed officials warn on ‘thick fog’ ahead for U.S. economy as recovery concerns deepen
Treasury yields move higher ahead of Fed’s Beige Book report
GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)
14-Jul-20 1798.20 1801.90, 1436.58 1440.62 & 1583.14 1581.71
13-Jul-20 1808.05 1807.50, 1435.23 1432.26 & 1598.32 1591.68
10-Jul-20 1805.75 1803.10, 1433.40 1427.33 & 1599.35 1594.84
09-Jul-20 1812.45 1812.10, 1434.01 1431.74 & 1600.57 1600.08
08-Jul-20 1799.35 1811.10, 1438.40 1438.74 & 1596.38 1598.48
07-Jul-20 1775.50 1789.55, 1423.77 1424.84 & 1576.11 1585.00
06-Jul-20 1774.40 1787.90, 1420.76 1429.43 & 1572.12 1578.36
03-Jul-20 1774.65 1772.90, 1426.29 1422.40 & 1580.33 1577.70
02-Jul-20 1771.85 1777.45, 1415.00 1421.60 & 1568.97 1577.13
01-Jul-20 1787.40 1771.15, 1444.90 1424.63 & 1592.93 1574.82
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