US Dollar Momentum Shifts into Positive

Barbara Zigah

USDThe US Dollar gained positive momentum during the London trading hours as FX markets focused on US plans for fiscal stimulus and the upcoming trade discussion which is likely to center on the escalating tensions between the US and China. Over the weekend, the US President signed an executive order to restore some unemployment benefits, a move likely that is likely to face a legal challenge since it wasn't properly orchestrated through the US Congress. Talks in Washington between the Democrats and Republicans failed to secure a second recovery package, largely as a result of political wrangling.

As of 11:05 am in London, the EUR/USD was trading at $1.1762, a loss of 0.2206% and off the session trough of $1.17522. The GBP/USD was higher at $1.3059, a gain of 0.0667%; the pair has ranged from a low of $1.30381 to a peak of $1.30877. Against the Swiss Franc, the USD/CHF pair was trading at 0.9159 Swiss Francs, up 0.44%, off the session peak of 0.91666 Swiss Francs.

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Aussie Dollar Weighed by Coronavirus Concerns

New Zealand had reported over the weekend that there had been no active cases of Covid-19 in the last 100 days. However, it was a different story in Australia. On Monday, the country saw a record-high daily rise in the number of deaths related to the Coronavirus, which prompted government officials to state that internal borders would likely remain closed through late December. The Reserve Bank of Australia also downgraded the country's outlook and mentioned the high likelihood of several years of higher unemployment. The AUD/USD was impacted as a result, with the pair trading at $0.7152, down 0.0601%, and off the earlier low of $0.71454. The NZD/USD was also lower at $0.6584, a loss of 0.138%.

Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

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