Dollar Set for a Weekly Loss

Barbara Zigah

Dollar set for weekly lossThe US Dollar is poised to record a weekly loss against both the Euro and the Japanese Yen as FX players gauge the possibility of a Biden presidency. Also weighing on the greenback is the absence of another stimulus package which would help support US citizens and businesses who have been struggling in the wake of closures and lock downs related to the Coronavirus pandemic. Strategists don't expect any large movements until after the assessment of the outcome of the US presidential debate. The US Dollar Index was trading at 93.05 .DXY, up 0.11%; the Index is used to gauge the relative weight of the Dollar in relation to a basket of major peers.

In Tokyo trading as of 10:18 am, the EUR/USD was trading at $1.1805, a loss of 0.1591%; the pair has ranged from a low of $1.17864 and a high of $1.18267. The USD/JPY was trading lower at 104.7670 Yen, down 0.07% and off the session peak of 104.943 Yen.

EU and UK PMIs in Focus

Later in the trading day, markets will focus on the release of PMI reports from the Eurozone. The latest survey of economists and analysts suggests another month of declines. The preliminary German PMI report for the Manufacturing sector is expected to come in with a reading of 55.1, lower than the 56.4 in the previous month. Germany's preliminary composite PMI which looks at both the manufacturing and the services sectors is forecast to slide to 53.2, down from 54.7. The Eurozone PMIs are likewise expected to show a similar drop. In the UK, the Markit Services Sector PMI is forecast to decline to 54, from 56.1 in the September report. Currently, the EUR/GBP was trading at 0.9028 Pence, down 0.0531%.

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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