The dollar was down on Monday morning, despite hopes for the latest fiscal stimulus package to be passed by the U.S. Congress ahead of the Nov. 3 U.S. presidential elections. Markets are also seeing higher, helped by hopes of a Covid-19 vaccine this year from drug maker Pfizer. Major currencies are more mixed to start the day, though general movement is rather mild.
The EUR/USD pair is trading around 1.17 as rising COVID-19 cases in Europe and concerns from ECB President Lagarde are weighing on euro.
The USD/JPY pair inched up 0.01% to 105.41 while the GBP/USD pair edged up 0.20% to 1.2935.
Gold remained bid above $1,900, with China reporting a smaller-than-expected growth in GDP for the third quarter and expectations for the U.S. Congress passage of the latest stimulus measures prior the Nov. 3 presidential election.
Oil prices fell on Monday after China’s third-quarter economic growth rose came in weaker than expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world’s largest oil importer.
In the absence of any major market-moving economic releases, either from the Eurozone or the US, market participants will look forward to scheduled speeches by the ECB President Lagarde and the Fed Chair Jerome Powell for some trading opportunities.
US Dollar Retreats over Stimulus Hopes
Published on 2020-10-19 07:30
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