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US Dollar Mixed As Federal Reserve Pledges to Keep Interest Rates Low Until 2023

The US dollar is trading mixed against its G10 currency rivals midweek following the Federal Reserve‘s completion of its two-day policy meeting. The central bank left interest rates unchanged, and it pledged to keep rates lower for a few more years to support the economic recovery. With rates hovering near zero until at least 2023, how will this impact the greenback?

US Dollar Strengthens As FOMC Warns COVID-19 Will ‘Weigh Heavily’ on Economy

The US dollar is finding some support after the Federal Reserve released its minutes from the July policy meeting. The Federal Open Market Committee (FOMC) revealed that the coronavirus pandemic would“weigh heavily” on the economy, labor market, and inflation, resulting in the central bank to maintain its stimulus efforts until the country rebounds.

Chinese Yuan Plunges to 2020 Low As Coronavirus Spreads

The Chinese yuan is plunging to its lowest level of 2020 as the Wuhan coronavirus outbreak intensifies. Despite the world’s second-largest economy showing signs of a rebound, the consensus is that China will reverse its gains and struggle to stay afloat, especially if some reports that the virus will intensify in April and May are correct.

Chinese Yuan Rises Ahead of Renewed US-China Trade Talks

The Chinese yuan is rising ahead of several currency pairs as the world’s second-largest economy prepares to restart trade negotiations with the US. Before even beginning the talks, it is being reported that Beijing is becoming hesitant to reach a broad trade agreement. Chinese officials reportedly do not want to cave to Washington’s chief demands, meaning that the discussions might endure a premature end.

Chinese Yuan Rises As New Loans Seen at Five-Month High, Forex Reserves Jump

The Chinese yuan is strengthening to start the trading week as new economic data lifted the currency against several major rivals on Monday. As Beijing begins a trade truce with Washington, foreign exchange reserves were better than expected, which also coincides with new loans expected to surge to their best levels in five months.

Chinese Yuan Weakens As Forex Reserves, Exports Unexpectedly Rise

The Chinese yuan is weakening to kick off the trading week as the nation’s foreign exchange reserves and exports unexpectedly rose in May. With the balance of trade numbers being higher than what the market had anticipated, it might play a role in the US-China trade war, which is dragging out and could linger into the holiday season.

RBA Decision Helps Aussie Gain Ground

The most recent decision from the Reserve Bank of Australia is helping the Aussie today. Additionally, expectations for an improved economy are helping the Down Under currency make some strides against its major counterparts.

Greenback Trades Lower as Dollar Index Falls

There’s a decent amount of downward pressure on the greenback right now, and the dollar index is falling. Greenback is trading lower against its major counterparts and is mostly lower against other currencies today.

Euro Finds Support in Forex Trading

Euro is finding support today, heading higher in Forex trading against many of its major counterparts. Euro is gaining ground as Brexit worries weigh on the sterling, and as a possible agreement with Greece helps optimism.

Euro Weakens on Economic Data, Gold

Euro is heading lower today, thanks in part to weaker economic data and lower gold prices. Also contributing to a lower euro is the concern brought about by a potential UK exit from the European Union.

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