An increase in infections in the Eurozone is also having a negative impact on the common currency.
The Euro struggled to maintain momentum against the US Dollar as expectations erode for a US aid package which would have helped those at risk as a result of the pandemic. An increase in infections in the Eurozone is also having a negative impact on the common currency. While there are still ongoing talks between ranking members in the federal government, there is little doubt that a deal will be passed before election day on November 3rd. The GOP-controlled Senate opposes any stimulus bill larger than the previous one.
In London trade as of 11:19 am, the EUR/USD was trading at $1.1814, up 0.4079% and moving off the session trough of $1.17597. The EUR/GBP was trading higher at 0.9113 Pence, up 0.2629%; the pair has ranged from a low of 0.90787 Pence to a high of 0.91148 Pence. The EUR/JPY was higher at 124.732 Yen, up 0.549%, off the session peak of 124.771 Yen.
RBA Looking More Dovish
In Australia, the Aussie Dollar was weighed by expectations that the Reserve Bank of Australia will likely increase liquidity at next month's monetary policy meeting. The latest minutes of the RBA confirmed that there have been further discussions on lower interest rates and making long-term bond purchases to rein in the currency's advance and to help support the economy, another negatively impacted by Covid-19. The AUD/USD was trading lower at $0.7047, down 0.2138%, and moving well off the session high of $0.70778.