The FX market is continuing to be dependent for direction on equities.
The USD was trading stronger yesterday in comparison to the majority of its bigger rivals at the start of Tuesday after a dismal mood in the market.
This mood originated on late Monday following an array of headlines relating to the coronavirus pandemic in the US.
However, the lost ground was able to be regained by Wall Street and actually succeeded in posting substantial gains after the release of solid earnings reports from some of the bigger banks, including JPMorgan and Citigroup.
This is no mean feat given that the revenue of banks has a direct link to the enormous stimulus measures being undertaken by the Federal Reserve, which are intended to help out credit markets during the COVID-19 crisis.
The EUR/USD pair actually came close to the 2020 high, with the somewhat disappointing ZEW report failing to prevent trading getting up to as much as 1.1406.
The day ended rather flatly for GBP/USD at 1.2550, with GDP figures undermining the pound
In May, the monthly GDP had risen by 1.8%, which was a lot less than the 5% that had been predicted.
For the three months ending in June, the NIESR GDP estimate registered at -21.2%, which was far worse than expected, following the printing of -19.1% the month before.
The chief of the Swiss National Bank (SNB), Thomas Jordan, said that the best instrument for the curbing of CHF was FX interventions and that negative rates were vital for this to be successful. Market players have become accustomed to the SNB intervening in the market without any prior notice.
Currencies that are commodity-linked remained at familiar levels, with AUD/USD settling at around 0.6940 and USD/CAD closing the day at just over 1.3600.
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