GBP/USD: The greenback climbs may be partially reversed

It is the last day of the month and a quarter which saw the greenback rise significantly, and that may be partially reversed. The end of the European session may prove considerably volatile, FXStreet’s analyst Yohay Elam reports.

Key quotes

“New health figures from both sides of the Atlantic are due out later in the day and may rock markets. Coronavirus’ faster spread in the US – and the lack of a coherent response – are unfavorable for the greenback.”

“Optimism comes from new efforts to stimulate the US economy. Hot of the heels of the $2.2 trillion stimulus bill, Congress is already mulling another fiscal package. New details may boost market sentiment.”

“The Conference Board’s Consumer Confidence gauge is projected to drop from the score of 130.5 points in February. The parallel University of Michigan’s figure substantially fell from above 100 to 89.1 points.”

“Final Gross Domestic Product figures for the UK confirmed stagnation in the fourth quarter of 2019. Nevertheless, markets are ignoring data that predates March.”