The dollar was down on Tuesday morning, with investors turning from the safe-haven asset as hopes of a COVID-19 vaccine rise.
The USD/JPY pair inched down 0.07% to 105.65. Yoshihide Suga looks set to replace incumbent Prime Minister Shinzo Abe after comfortably winning the leadership of the ruling Liberal Democratic Party on Monday, pending a parliamentary vote on Wednesday.
The GBP/USD pair edged up 0.16% to 1.2873, despite the continuing turmoil surrounding Brexit negotiations.
The EUR/USD pair advanced for the fifth consecutive session on Tuesday and now trades 0.2% higher at 1.1896.
Oil prices slipped on Tuesday as worries over slow recovery in global fuel demand were reinforced by warnings by major oil producers, but short covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses.
Gold rose on Tuesday morning as the dollar dragged down. The precious metal pushed up by 1% after the greenback had its worst day in a fortnight.
Looking forward, the release of the Eurozone and German ZEW Survey at 09:00 GMT, will be closely watched. In the US session, the Empire State Manufacturing Index and Industrial Production data, at 12:30 GMT and 13:15 GMT respectively, could influence the USD price dynamics and produce some trading opportunities.
Dollar Down Over Raised COVID-19 Vaccines Hopes – German ZEW Survey in Focus
Published on 2020-09-15 07:26
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