India's recovery has been uneven - Fitch

Omkar Godbole FXStreet Contributor

Rating agency Fitch said on Tuesday that India's recovery from the coronavirus-induced economic contraction of the second quarter has been sluggish and uneven and faces multiple challenges in both the short and medium-term.

Key quotes

Sporadic shutdowns across India depress sentiment, disrupt economic activity.

Severe fall in activity has damaged household, corporate balance sheets amid limited fiscal support.

India's gross domestic product fell by 23.9% year-on-year in the second quarter, marking the first GDP contraction in more than 40 years.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD regains 1.1800 and beyond on USD U-turn

The sudden bout of selling pressure on the US Dollar allows EUR/USD to leave behind the initial weakness and advance to two-day highs just above 1.1800 the figure on Friday. The pair’s jump comes as investors continue to assess the US Supreme Court ruling on Trump’s global tariffs.

GBP/USD pops above 1.3500 on weaker Dollar

GBP/USD picks up extra upside traction and reclaims the area above the 1.3500 hurdle at the end of the week. That said, Cable sets aside four daily pullbacks in a row, regaining some composure in response to the sudden bout of downside pressure hurting the Greenback.

Gold stays bid, still below $5,100/oz

Gold is extending its run higher for a third straight session on Friday, navigating the area just past the key $5,000 mark per troy ounce. The move reflects ongoing geopolitical tensions in the Middle East, renewed losses in the Greenback and rising US Treasury yields.