US Economy crushed by COVID-19 lockdowns in Q2

US Economy crushed by COVID-19 lockdowns in Q2

2020-07-31 • Updated

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Ichimoku Kinko Hyo

EUR/JPY: After successfully breached the Kijun-Sen, the pair is trading above the Kumo confirming a bullish momentum.

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Fibonacci Levels

XAU/USD: Gold is trading above the 23.6% retracement area of Fibonacci retracement levels. Bulls might attempt to reach the next resistance level at 38.2%.

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US Market View

US Economy crushed by COVID-19 lockdowns in 2nd quarter

In the United States, the economy was contracted by (worst-ever) 32.9% in the second quarter in 2020, crushed by COVID-19 lockdowns in 2nd quarter.

US stock futures drop on Thursday after grim GDP report, worsening jobless claims.

The Labor Department data released the number of people filed for unemployment benefits in the past week. The figure exceeded one million.

US Key Point

  • US economy contracted by worst-ever 32.9%
  • US jobless claims top 1 million again

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