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FOREX: USD index plumbs new 2020 low
- Further EUR strength persisted throughout the Thursday session, with EUR/USD
establishing a clean break above the $1.16 handle. This put further pressure on
the greenback, resulting in the USD index slipping through the COVID-crisis lows
to hit levels not seen since 2018. The ruling out of a payroll tax cut in the
next iteration of the CARES act added weight to the greenback alongside poor
weekly initial jobless claims.
- GBP traded poorly following the latest round of talks between the UK and EU -
which ended with little progress, resulting in both sides issuing a stark
warning that an encompassing deal may not be met ahead of the end of the
transition period. EUR/GBP sits just below late June's multi-month high.
- PMI data takes focus headed into the final session of the week, with prelim
July PMIs due from Australia, the Eurozone, UK and the US. US new home sales and
UK retail sales figures also cross.
- The Russian central bank rate decision is also due, with the bank seen cutting
rates by 50bps to 4.00%.

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