The pair will continue to move lower in the following days after it broke down from a major support line. The 31.7% contraction in the US economy for Q2 2020 weakens the US position as a mediator between the Jews and the Arabs. This month, Israel and the UAE announced that they will be neutralizing their diplomatic ties. This agreement could be a game-changer in the middle east as the Arab League remains committed to boycotting Israeli trades. In the middle of this deal was the United States, which continues to stir global power balance. However, the devastating impact of COVID-19 in the country’s economy might force the US to abandon its ambition in the middle east. Israel’s term sharing politicians, Benjamin Netanyahu and Benny Gantz are at odds over the country’s annual budget. The disagreement between the two (2) could send the country into another snap election, the fourth of its kind in less than two (2) years.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.