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US Dollar Struggles for Direction As New Jobless Claims Fall Below 800k

The US dollar is looking for direction on Thursday as initial jobless claims and the Congress unable to strike a coronavirus stimulus and relief deal. The greenback has been trending downward this month following a rally in September, driven primarily by confidence in the broader financial market and optimism over the on-again, off-again stimulus negotiations.

US Dollar Erases Gains As Nancy Pelosi Says Stimulus Deal Possible by Day’s End

The US dollar erased its gains on Tuesday and deepened into negative territory after House Speaker Nancy Pelosi revealed that a coronavirus stimulus and relief package could be done by the day’s end. This sent stocks and other asset classes rallying as investors were confident that the White House and the Democratic leadership could reach an agreement over a $2 trillion bill.

Euro Falls Against Dollar on Risk-Off Sentiment As Investors Flee

The euro today fell against the dollar driven by the risk-off market sentiment as investors fled the riskier assets in favour of fo safe-haven instruments such as the dollar. The EUR/USD currency pair fell over 80 pips as markets reacted to news that Johnson & Johnson was pausing its COVID-19 vaccine trial due to unexplained illnesses.

US Dollar Flat As Investors Weigh Fiscal Stimulus Talks, Wait for Inflation Data

The US dollar is kick off the trading week relatively flat, hovering at its lowest level in three weeks. With not much economic data to work with, investors are weighing fiscal stimulus in Washington and the 2020 presidential election in a couple of weeks. Will traders adopt a wait-and-see approach to the greenback for the remainder of October?

Canadian Dollar Rallies Against US Peer on Upbeat Jobs Data

The Canadian dollar today rallied against its US peer fueled by the positive Canadian jobs report and the upbeat investor sentiment. The USD/CAD fell for the third straight session as the commodity-linked loonie rallied higher capitalising on the greenback’s weakness over the same period.

Euro Falls Against Strong Dollar Despite Revived Stimulus Talks

The euro today fell against the US dollar driven by the risk-off market mood, which saw riskier assets selloff in favour of safe-haven assets such as the greenback. The EUR/USD currency pair’s decline occurred at a major resistance level as sellers stepped in driving the pair to its daily lows buoyed by the weak German data.

US Dollar Seeks Direction As Initial Jobless Claims Fall to Fresh Pandemic Low

The US dollar is searching for direction on Thursday after the number of Americans filing for first-time unemployment benefits fell to a fresh pandemic low. But the latest numbers indicate that jobless claims are sliding at a sluggish pace as hiring slows down. With Washington in a stalemate over stimulus funding, it might be hard to forecast the greenback’s performance in the short-term amid political uncertainty.

Euro Strong After Market Sentiment Recovers

The euro was strong today, rising against all other most-traded currencies, with the exception of the Australian dollar. The possible reason for the rally was the market sentiment, which was recovering after confusing tweets from US President Donald Trump. Macroeconomic reports released in the eurozone today were mixed.

Canadian Dollar Falls Against US Peer on Trump Stimulus Tweets

The Canadian dollar today gave up most of its gains against the US dollar as the latter rallied boosted by the risk-off market sentiment as stimulus hopes dissipated. The USD/CAD currency pair rallied higher during the American session as President Donald Trump dashed all hopes of a US stimulus deal ahead of the November 3 elections.

Euro Falls Against Dollar on Risk-Off Mood, Non-Farm Payrolls

The euro today fell against the dollar reversing all of yesterday’s gains driven by the risk-off market sentiment after US President Donald Trump tested positive for COVID-19. The EUR/USD currency pair’s decline was further fueled by the weak inflation data from the euro area, which could derail the bloc’s economic recovery.

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