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Talking about the worst streak of Forex losses can be painful, but we learn important lessons from them. Although diverting too much of your attention to the biggest winning streaks might seem unnecessary. USD rallied today even though trade wars between the United States and their trading partners have started. Yet macroeconomic data in the United States overshadowed other news. Almost all indicators released today were very solid.
USD currency pair today rallied higher in the early European session following the release of mixed PMI data from across the Eurozone by IHS Markit. The currency pair’s initial rally was further boosted by the weaker US dollar as tracked by the US Dollar Index whose recovery had stalled in the early European session. The British pound today rallied higher after the release of the UK Services PMI for May by IHS Markit, which beat expectations by a significant margin. The positive PMI data served to raise expectations of a rate hike by the Bank of England in the near future as the country’s GDP growth rebounds in the current quarter.
The Australian dollar retreated against its most-traded peers today after the monetary policy meeting of the Reserve Bank of Australia. Mixed macroeconomic data did not provide support to the currency. Prices for copper climbed today on weakness of the US dollar and concerns about supply. Bitcoin was launched in 2009 by Satoshi Nakomoto. An alternative coin, fourth of the bitcoin ledger in late 2011, litecoin is in top 10 cryptocurrencies i terms of market capitalization. Becoming a Global Currency Reservoir as Bulls Set In? Using the XRapid software, ripple has impressed many financial institutions to adopting the new technology.