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23.08.2019: EUR bulls exhaust their zeal (EUR, USD, GBP, GOLD)

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The pound sterling is struggling for gains. The single European currency is losing ground with prospects of a further decline. Yields of most government bonds of the eurozone climbed to the highest level in one and half week.
The controversial information background triggered sharp price swings of the euro/dollar pair. Today the euro bears are holding the upper hand. The euro fell to a three-week low versus the US dollar. Traders are anticipating the keynote speech by Jerome Powell at the annual symposium in Jackson Hole for clarity on further monetary policy. Markets suspect that Powell’s comments will not match dovish expectations and upset Donald Trump.
If the Federal Reserve does not signal readiness for a long cycle of rate cuts, the euro will extend the downtrend. At the same time, there are fundamentals for the euro’s weakness. Apart from political jitters in Italy, the looming recession in Germany, and risks of escalating trade conflict with the US, the ECB is also considering aggressive monetary easing. The euro/dollar pair is trading firmly lower. It settled down at 1.1057 in the European trade. Yields of the eurozone’s government bonds are rising because the market has lowered bets on aggressive easing by the Federal Reserve.
Yesterday the pound sterling spiked 150 pips versus the US dollar following comments from Angela Merkel. Later, it turned out that traders cheered dubious information and rushed to buy the British currency. Today the pound/dollar pair gave back some of yesterday’s gains. Nevertheless, the pair is still trading above 1.22.
Traders are adding long positions on the US dollar. On the other hand, demand for safe haven assets are fizzling out. Gold is trading in the red at the level slightly above 1.500 dollars a troy ounce. Besides, the yen and the Swiss franc are also following the downtrend. Nevertheless, safe haven assets could again win favor with investors amid mounting fears about recession in the global economy, trade jitters, currency wars, and geopolitical tensions.
Demand for safe haven assets will hardly decrease for long amid global uncertainty. Gold is no exception. However, analysts foresee minor correctional declines in the short term.

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