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Daily Currencies Ratings

Dollar holds firm on COVID-19 woes and U.S. election uncertainty

The U.S. dollar clung to gains on Tuesday, but other safe-haven currencies were mostly quiet as investors sat on the sidelines ahead of next week’s U.S. election, even as worries about a second wave of COVID-19 and economic impact rose. Monday saw the steepest stock market sell-off in a month and a bond rally, but foreign exchange market activity has remained relatively muted, with price moves in early Tuesday limited. That said, analysts warned investors were clearly cautious after the United States, Russia and France all hit new daily records ...

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Dollar gains in surge in COVID cases, U.S. stimulus worries

The U.S. dollar advanced on Monday, rising for a second straight session, bolstered by safe haven bids amid surging coronavirus cases in Europe and the United States as well as a lack of progress on a U.S. stimulus package. The United States, Russia and France set new daily records for new COVID-19 infections as a second wave swelled across parts of the Northern Hemisphere, forcing some countries to impose new curbs. Spain announced a new state of emergency and Italy has ordered restaurants and bars to shut by 6 p.m. ...

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Dollar rises vs risky currencies as coronavirus surges, U.S. stimulus hope fades

The dollar gained on Monday, as surging coronavirus cases in Europe and the United States and a lack of progress on a U.S. stimulus package made traders cautious. U.S. House Speaker Nancy Pelosi said on Sunday that she expected a White House response on Monday to the latest stimulus plan, but there is little evidence a deal is close. The United States has recorded its highest number of new COVID-19 cases for two consecutive days. So has France. Spain announced a new state of emergency and Italy has ordered restaurants ...

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Sterling set for weekly gain, even after PMI slip

The pound fell against the dollar and euro on Friday after the UK Purchasing Managers’ Index (PMI) fell to a four-month low, but was still set to end the week up, after a new phase of intense Brexit talks restarted. The pound gave up some recent gains after an early flash PMI reading – a gauge of private sector growth – fell to a four month low of 52.9 in October from 56.5 in September. Britain’s economic recovery from the COVID-19 shock was already beginning to falter in August. Since ...

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Dollar stable after U.S. election debate, set for weekly losses

The dollar was stable against most currencies on Friday after a measured U.S. presidential debate, but it was headed for weekly losses as investors waited for a breakthrough in stimulus talks in Washington and post-Brexit trade negotiations. U.S. President Donald Trump adopted a more restrained tone than in the first debate, though exchanges again focused on the handling of the COVID-19 pandemic and personal slights. The dollar was 0.03% lower against a basket of currencies in early trades in Europe, just clear of a seven-week low hit on Wednesday. It ...

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Dollar eases off 7-week low as COVID-19 aid bill in doubt

The dollar index ticked higher on Thursday, easing off a seven-week low as hopes for a coronavirus aid package ahead of the U.S. elections faded and COVID-19 cases surged around the world, giving a slight bid to safe-haven assets like the greenback. Investors were also digesting new U.S. jobless claims data that showed a bigger-than-expected drop, but remained at extremely high levels amid fading fiscal stimulus and a resurgent coronavirus. U.S. House of Representatives Speaker Nancy Pelosi said on Thursday negotiations toward a new relief bill were making progress and ...

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Dollar steadies above seven-week lows as markets await clarity on U.S. stimulus

The dollar was steady above seven-week lows on Thursday, gaining some respite as hopes of a fiscal package in the United States ahead of the November elections crumbled once again. Progress towards a U.S. stimulus deal has boosted sentiment in world markets and lifted demand for riskier assets in recent sessions – weighing on the safe-haven dollar, which tends to weaken when risk appetite picks up. But pressure on the currency eased after U.S. President Donald Trump on Wednesday accused Democrats of being unwilling to craft an acceptable compromise. In ...

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Dollar index hits seven-week low with COVID stimulus in focus

The dollar hit a seven-week low against a basket of currencies on Wednesday after U.S. President Donald Trump and House Speaker Nancy Pelosi boosted hopes for a large fiscal stimulus package, prompting some traders to ramp up bets on riskier currencies. The U.S. dollar index =USD was 0.47% lower at 92.605, its lowest since Sept. 2. “We’ve entered a secular bear market for the dollar,” said Axel Merk, president and portfolio manager at Merk Hard Currency Fund in Palo Alto, California. The weakness in the greenback came as the White ...

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A Biden win could be bullish for the Chinese yuan, analysts say

A win for Democratic presidential nominee Joe Biden in the U.S. election next month could prove to be bullish for the Chinese yuan, analysts said. A “balanced outlook” for the election “should reduce the risk premium” for the Chinese currency, analysts at Swiss bank Lombard Odier wrote in a report on Tuesday. “We assume a Biden win that reduces some trading uncertainty,” they said. “Biden’s presidency could lead to a more rational approach to bilateral trade — even if his team could prove as hawkish on China as Trump’s on ...

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U.S. stimulus hopes push dollar to one-month low; risk currencies gain

The dollar fell to a one-month low on Wednesday after U.S. President Donald Trump boosted hopes for a large fiscal stimulus package, prompting a wave of market optimism that saw traders ramp up their bets on riskier currencies. Lawmakers in Washington have been negotiating intermittently since August, with Democrats arguing for a bigger package to help manage the economic fallout from coronavirus. Trump raised hopes for a breakthrough on Tuesday by saying he was willing to accept a large aid bill, despite opposition from his own Republican party. The comments ...

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Euro struggles as U.S. deal hopes fade, COVID spreads

The euro struggled to rise above the $1.18 level on Tuesday as fading hopes for a U.S. coronavirus aid package dealt a blow to risky assets worldwide, with rising coronavirus infections in Europe also weighing on the single currency. While markets remain hopeful talks between U.S. House Speaker Pelosi and Treasury Secretary Mnuchin will result in a deal before the Nov 3 presidential election, any agreement will have to pass the Republican-controlled Senate where opposition to a bigger stimulus bill remains stubborn. Those concerns pushed the euro EUR=EBS lower in ...

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China’s $1.5 million digital currency giveaway impressed analysts. Shoppers, not so much

China’s experimental $1.5 million (1.16 million pounds) giveaway of digital yuan to Shenzhen citizens ended on Sunday with acclaim from currency analysts – and scepticism from some users saying they preferred existing shopping tools like the ubiquitous Alipay app. Under the week-long programme, the People’s Bank of China (PBOC) gave 200 yuan ($29.75) to each of 50,000 consumers selected in a lottery in digital “red envelopes”, echoing the country’s traditional way of gifting cash. The online wallet was accessible via an app, without need for an existing bank account, with ...

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Asian trade-related currencies strengthen after China data

Asia’s trade-exposed currencies held firm on Monday as data showed China’s economic rebound from the pandemic accelerated in the third quarter, with the yuan staying close to its recent 1-1/2-year high. China’s gross domestic product grew 4.9% in July-September from a year earlier, slower than analysts’ forecast but faster than the second quarter and helped by strong gains in industrial output and an acceleration in retail sales. The yuan and the Australian and New Zealand dollars slipped from session highs after the Chinese GDP headline miss, but then rebounded on ...

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Not A Cold War: China Is Using A Digital Currency Insurgency To Unseat The US Dollar

In recent years the Chinese government has made a concerted effort to internationalize the yuan and challenge the US dollar for monetary supremacy. It has taken multiple steps to increase its use as a central bank reserve currency and further its adoption in international trade. Most notably, it will likely become the first major country to introduce a sovereign digital currency, which is being billed as a technologically-superior form of money. Through these actions, and Beijing’s openness in stating its intentions to unseat the dollar, it has become popular to ...

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Dollar set for biggest weekly gain in a month as stimulus talks falter

The dollar paused on Friday but remained on track for its biggest weekly gain in a month amid growing market caution over a global surge in coronavirus cases and fading prospects of a U.S. stimulus package before the Nov. 3 election. Fresh curbs to combat COVID-19 have been introduced across Europe while the U.S. Midwest is also battling record spikes in new cases as data shows the country’s economic recovery is losing steam. Investors will get a further indicator of the health of the U.S. economy with retail sales data ...

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