UK past could have been worse but the bleak labor market prospects and dollar’s haven flows point to falls, according to FXStreet’s analyst Yohay Elam. GBP/USD is flat, trading just below the 1.3050 level. Key quotes “The UK economy shrank by 20.4% in the second quarter of 2020, better than -20.5% projected. YoY, output fell by 21.7%, also above estimates. Perhaps the truly encouraging figure is June’s monthly rebound of 8.7%, not only topping forecasts but showing that Britain’s gradual reopening also bears economic fruits. That recovery, accompanied by hopes that the uptrend continues in July and beyond, pushed the pound higher.” “Chancellor Rishi Sunk is sending sterling lower once again. Apart from reiterating that the furlough scheme is unsustainable, he added that many will lose their jobs.” “The greenback is benefiting from higher bond yields as the US issues a record amount of debt that investors are unable to absorb at low returns. The world´s reserve currency is also benefiting from safe-haven flows originating from the impasse on US fiscal stimulus and Sino-American tensions ahead of trade talks.” “Investors are skeptical about Russia’s announcement that it developed a COVID-19 vaccine and more worried that Texas will be keeping restrictions in place despite some improvement in battling the disease.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/JPY Price Analysis: Further gains now look to 127.50 FX Street 2 years UK past could have been worse but the bleak labor market prospects and dollar’s haven flows point to falls, according to FXStreet’s analyst Yohay Elam. GBP/USD is flat, trading just below the 1.3050 level. Key quotes “The UK economy shrank by 20.4% in the second quarter of 2020, better than -20.5% projected. YoY, output fell by 21.7%, also above estimates. Perhaps the truly encouraging figure is June's monthly rebound of 8.7%, not only topping forecasts but showing that Britain's gradual reopening also bears economic fruits. That recovery, accompanied by hopes that the uptrend continues in July and beyond, pushed the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.