30.03.2020 GBP/USD Daily Analiysis

30.03.2020 GBP/USD Daily Analiysis

Today GBP/USD is trading at $1.2354 as the US gains back its safe-haven status. Worldwide coronavirus cases have reached 723,000 and over 34,000 deaths according to Johns Hopkins University. The US now has the highest recorded number of cases, according to CNN there are more than 139,700 infected with over 2,400 deaths. These numbers have not stopped investors from seeking haven in the USD causing the USD to gain strength. Rodrigo Catril, senior FX strategist at National Australia Bank in Sydney said,  “After all, the dollar is a safe-haven currency. It’s reflecting caution and an uncertain market where you’re seeing a lot of illiquidities.” The US Dollar Index rose by 0.4% at 98.965. Later today, the US Pending Home Sales Report will be released, which shows the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.