Dollar Trade Cautious Ahead of Debate

Barbara Zigah

Market players have been somewhat cautious despite last week's gains, as concerns grow over the spread of the Coronavirus and the lack of progress in discussions about additional economic support for those negatively impacted by the pandemic. 

USDThe US Dollar was mixed during the London trading session on Tuesday, with investors generally wary ahead of the looming Presidential debate. Market players have been somewhat cautious despite last week's gains, as concerns grow over the spread of the Coronavirus and the lack of progress in discussions about additional economic support for those negatively impacted by the pandemic. Currency strategists say that tonight's debate could offer clues as to the market's reaction of an election night win for either party. What is making the prospect more difficult is the growing possibility that a victor won't be declared that night, especially given the onslaught of absentee and mail-in ballots.

In London trading as of 11:16 am, the GBP/USD was trading at $1.2860, a gain of 0.1667%; the pair has ranged from a low of $1.28290 to a peak of $1.28884. The USD/JPY was higher at 105.6260 Yen, up 0.10%. The AUD/USD was higher at $0.7113, a gain of 0.5797%, while the NZD/USD was higher at $0.6584, up 0.5328%.

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Eurozone Surveys Mixed

In the Eurozone, the European Commission released a number of surveys earlier today on various data points of the economy. With the exception of the Industrial Confidence survey for September, which failed to meet analysts' expectations with a reading of -11.1 (against an expected -9.5), the other surveys either met expectations or exceeded them. Consumer confidence was as expected at -13.9 for September, but the Services Sector, Business Climate and Economic Sentiment Indicator were all improved, with readings of -11.1, -1.19, and 91.1, respectively, against a forecast of -15.3, -1.38, and 89. That helped to push the Euro higher, with the EUR/USD trading at $1.169, a gain of 0.2263%, sliding off the session peak of $1.16981.

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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