The US dollar is extending its winning streak to two sessions toward the end of the first trading week of 2021. The greenback, which has come under pressure over the last nine months, is finding support in the political chaos unfolding in Washington during the final days of President Donald Trump’s tenure. The buck’s ascent occurred alongside a rally in the financial markets and bullish economic data.
The US dollar found support on Wednesday after a barrage of American political developments dominated the news cycle. The greenback recorded modest gains against many of its currency rivals in the aftermath of the Georgia special election. Vice President Mike Pence also impacted the financial markets by declaring that he is not overturning November’s presidential election result.
The Japanese yen was the weakest major currency on the Forex market today as traders did not feel a need for safety, dumping the currency. Surprisingly, the Swiss franc avoided a similar fate despite also being considered a safe-haven currency.
The US dollar is struggling to find direction in overnight trading as the Georgia runoff elections go down to the wire. With control of the US Senate in the balance, financial markets have been paying close attention to the electoral outcome of the race that is critical for both parties. The result could have a considerable impact on fiscal policy moving forward.
The Great Britain pound versus the US dollar currency pair seems to take a pause from the rise. Is this the chance for the bears?
The US dollar‘s implosion has extended into 2021, with the greenback falling against many of its currency rivals to kick off the first trading week of the new year. After suffering its first annual drop since 2017, the buck may expand its losses this year.
The Australian versus the US dollar currency pair touched the level of 0.7744 and retraced sharply. Is this a sign that the bears are coming back, or it’s just the bulls recharging their batteries?
The US dollar versus the Japanese yen currency pair seems to be under some serious bearish pressure. Do the bulls still hold a chance?
The Great Britain pound versus the US dollar currency pair seems to have a hard time conserving the momentum. Is the ascending trend in danger of being overthrown by the bears?
The US dollar is showing some weakness to start another holiday-shortened trading week as investors’ risk appetite increased on President Donald Trump signing the coronavirus relief and government spending packages. Despite hesitation from Trump over the last week, he signed the legislation into law, giving the broader financial markets some gains in the final few sessions of 2020.
