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Weak GDP Data Pressure in Brent Crude Oil Price Absorbed at 50-day SMA
Brent crude oil price slumps to the lowest level in July as the USD GDP and employment data disappointed investors who are expecting to see some signs of faster recovery. The rising number of new coronavirus infections in the Southern states started to harm the economic recovery process, something the Fed Chairman Powell warned in his press conference yesterday. Fed kept the interest rates to historic low levels and reassured that it would continue with the accommodative monetary policy until 2021 or until the employment return to normality. Fed also extended the USD swap lines with central banks around the globe ... (full story)