Jun 19, 2020 (AB Digital via COMTEX) — June 19, 2020 – Belize – On Wednesday, the USD held a firm position upon a basket of six other currencies after the retail sales in the United States saw an unexpected spurt in May. Meanwhile, other currencies being risk-sensitive halted due to concerns about coronavirus hitting again and the geopolitical tensions in the Asian continents.
Earlier on Tuesday, some of the hopeful expectations were extinguished by the Federal Reserve Chairman, Jerome Powell. He portrayed a rather dismal representation of the U.S. economy while also connecting market expectations for continued management support.
With a rise of about 0.4% on Tuesday, the dollar index was recorder at 97.003. Meanwhile, the euro was traded at a 0.5% low of $1.12635, dropping down from a three-month high of $1.14225 a week earlier.
Economists forecasted a median of 8.0% increase in U.S. retail sales. However, according to the data compiled on Tuesday, the retail sales surged to 17.7% last month far exceeding the predicted stats.
Hopes were instilled after the surge of retail sales last month after March and April’s drops. The retail sales recovered by a staggering 63%, paving the way to the recovery of the U.S. economy.
As the U.S. Dollar stands firm amidst the pandemic and to its benefit the rise in retail sales, the dollar offers an opportunity of earning profits when invested in Forex trading. Vextrader, forex broker has a technology called Vexwin using which traders at Vextrader have produced profits amounting to seven figures.
At Vextrader, investors are assured of their investment with good profit. The reason behind the assurance is their managed funds program which targets the risk at a minimum between 5% to 10%. Vexwin technology is a compilation of thousands of strategies, deep machine learning, and artificial intelligence.
Considering the comeback of the American Dollar and its steadiness, investing in the dollar in forex trading can be a profitable decision.