Saw some pictures of the fire in California and it was devastating. A quote from Bloomberg says this: “More than 1 million acres in California have burned and 1,200 structures destroyed as firefighters battle nearly two dozen blazes, including two of the largest fires in state history, forcing thousands to flee".
As the mighty state of US battle internal turmoil between Democrats and Republicans leading up to what is appearing to be a monumental presidential election in US history, set right smack in the middle of the Coronavirus pandemic, things seem to be hitting the US in a series of unfortunate incidences. The latest fire in California is clearly a case in point.
The question is – how long will the US economy sustain and how will this effect the USD?
Only time can reveal the answers to the questions above. As the stage of the global economy keeps a microscopic view to what’s going on in the US, we can only hope for things to turn out for the best.
But as traders, let us look at a smaller time frame to see how the greenback against other currencies so far this week:
--> EUR/USD closed the day with losses, not far from last week’s lows – and posted modest intraday gains.
--> Commodity-linked currencies were also observed to fall towards previous week lows against USD with no major breaking out taking place.
So, while it seems the Greenback is holding tightly to its reins, let us stay tuned to see what the coming days will unfold.
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