XE Market Analysis: Europe – Jul 23, 2020

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The dollar has continued to track lower, despite a backdrop of flagging stock markets in Asia, although U.S. equities closed with moderate gains yesterday and S&P 500 futures are showing a modest rise in overnight trading. The narrow trade-weighted USD index (DXY) printed a fresh four-and-a-half-month high at 94.82, drawing in on the early March low at 94.66, which was the lowest level seen since August 2018. EUR-USD has been buoyant, though has remained below the 21-month high that was printed yesterday at 1.1601.