The US dollar is weakening against some of its G10 currency counterparts on Tuesday as the federal government announced that it would borrow $3 trillion in the second quarter. The US government has been going on a spending spree to contain the coronavirus pandemic’s economic fallout, making Washington poised for a $3.8 trillion deficit for the fiscal year 2020. The greenback is also getting a hit on disappointing economic data that continues to highlight the outbreak’s […]
The US dollar is slumping on Tuesday as the Federal Reserve announced an emergency cut to interest rates. With financial markets tanking and plenty of economic uncertainty surrounding the coronavirus, the central bank cut its benchmark rate by 50 basis points. Stocks fell after an initial bump, but the greenback was largely unaffected by the announcement.
The Great Britain pound continued to be the strongest currency on the Forex market thanks to domestic macroeconomic data. Today, a manufacturing report from the Confederation of British Industry was the reason for the sterling’s amazing performance.
The euro today struggled to rally against the US dollar as the World Economic Forum drags on in Davos, Switzerland. The EUR/USD currency pair today fell to new 2020 lows before recouping its losses as investors grappled with the emerging risk posed by the Coronavirus.
The British pound today extended its gains against the US dollar having opened lower following Saturday’s vote results mandating the government to ask for a Brexit extension. The GBP/USD currency pair recouped all its losses at traded slightly above Friday’s highs as investors waited for John Bercow to rule on the date for a meaningful Brexit vote.
The Chinese yuan is struggling against its major currency competitors on Tuesday as optimism over the first phase in the US-China trade deal diminishes. After initial celebration in financial markets, investors now have some consternation until a formal and written agreement is signed. The yuan was greater impacted by disappointing economic data.
The US dollar is sliding against many major currency rivals on Tuesday as domestic political turmoil and geopolitics are dominating the latter part of the trading session. In addition to President Donald Trump stating that he will not accept a bad trade agreement with China, news broke that House Speaker Nancy Pelosi plans to launch an impeachment inquiry to oust Trump from the White House before next year’s election.
The Australian dollar traded mildly higher today as the market sentiment improved slightly on positive news about US-China trade talks.
The US dollar is edging slightly higher on Thursday against several major currency rivals, driven by a potential de-escalation in US-China trade tensions and optimism over the upcoming August jobs numbers. The flurry of positive economic data also contributed to the greenback’s rebound.
The Chinese yuan is rallying midweek against some of its most traded currency rivals. Despite vehicle sales tumbling in June and inflation coming in lower than expected, the yuan is strengthening, which could be attributed to renewed trade negotiations between the world’s two largest economies.
