Equities correct gains, dollar drops again


On Thursday, GDP data for both Germany and the U.S. showed catastrophic drops in growth, printing the worst numbers on record, which were caused by the lockdowns imposed to tackle the coronavirus pandemic.

French GDP followed the theme Friday, dropping by 13.8% in the second quarter. Later in the day, the EU GDP will be released, and investors are expecting another colossal drop there. 

From other news, Amazon, Google, Facebook, and Apple reported earnings after the market closed yesterday, and all four companies beat expectations, which pushed their shares sharply higher. 

However, some profit-taking appeared during the Asian session, and indices are trading lower on the day.

Meanwhile, the greenback continues to decline sharply, and the EURUSD pair rose to 1.19 today, while the USDJPY pair dropped toward 104.00. Cable is also bid and was trading above 1.31, which are levels last seen in March.
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