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Reporting on key macro data at the time of release.
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- Demand for the USD has been strong in recent weeks amid rising uncertainty over the economic outlook with more and more governments imposing new restrictions/lockdown to limit the downside risk of another wave of infections.
- In addition, the significant contraction in Chinese liquidity in the past year has been been pricing in a higher US Dollar.
- The chart below shows how strongly China 'liquidity' has led EURUSD exchange rate by 6 months in recent years.
- EURUSD keeps testing new lows, after breaking below its 1.1290 support recently (61.8% Fibo retracement of the 1.0640 - 1.2350).
- Next level to watch on the downside stands at 1.1040 (23.6% Fibo).