Volatile Movements Decorate European Session, Market In Dilemma!

 The volatile movement of the greenback dollar graced the opening of European session trading, which saw the king of the currency fall before rebounding to trade stable against its main rivals.

Market sentiment is mixed with optimism over the decline in coronavirus cases in the UK, while an increase in cases in the United States raises concerns.

Coronavirus cases in the UK dropped for the first day in a row, a week after the country lifted all restrictions. Advances in vaccination programs appear to be bearing fruit by protecting the population from the pandemic.

The pound traded flat with little change around the price of 1.37400 against the US dollar at the beginning of the European session trading.

While in the US, Dr. Anthony Fauci says that the U.S. is now heading in the wrong direction in fighting a new wave of Covid-19, due to an increase in cases among unvaccinated people.

The dollar index, which measures the strength of the greenback, traded slightly lower at 92.85 against a basket of major currencies.

Meanwhile, focused data on the European session showed Germany’s Ifo business climate index unexpectedly fell in July, to 100.8 from 101.7 recorded last month.

The euro was slightly impressed with this reading but remained stable around 1.7740 against the US dollar.

On the other hand, the Aussie and New Zealand dollars traded lower amid expectations that the closure in Sydney would be extended until September. A large number of Australians are in confinement as Covid continues to spread, while vaccination campaigns are working to do so.

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