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The 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.
The Pound Sterling remains within striking distance of yesterday's 6-week peak on news that the Brexit talks were about to resume.
The US dollar index hit a seven-week low on Wednesday as US politicians expressed optimism that the country's second fiscal stimulus package would be coming soon, even if the final deal wasn't confirmed until after the upcoming November 3rd election.
Little Chance of Stimulus Agreement Seen in U.S.; U.S. Dollar Recovers; Record New Coronavirus Cases Reported Worldwide
The Pound Sterling struck a 1-week peak versus the US Dollar during London trade on Wednesday on news that a trade deal seemed within reach.
The United Kingdom's Office for National Statistics reported that the Consumer Price Index increased by 0.5 percent in September (year-to-year) after advancing by 0.2 percent in the previous month and remaining in line with the surveyed analysts' expectations.
Global Stock Markets Rise; U.S. Treasury Yield Hits 4-Month High; U.S. Dollar Sells Off
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.
The People´s Bank of China announced its decision to leave the one-year cash rate unchanged for the sixth consecutive month at 3.85 percent, remaining in line with the analysts' expectations.
Stock Markets Lower; Australian Dollar at 3-Week Low
The Pound Sterling held onto recent momentum and edged above the $1.30 level on growing hopes that a Brexit breakthrough will be forthcoming.
The National Bureau of Statistics of China recently reported Chinese gross domestic product grew by 4.9 percent in the third quarter (year-to-year), worse than the expectations of the surveyed analysts, who foresaw it to be at 5.2 percent, but better than the previous quarter growth, which stood at 3.2 percent.
Central Bankers Express Global Economy Fears at G-30, Chinese GDP Lower at 4.9%; Nikkei 225 Up By 1.19%
Oil prices slumped further on Friday, with U.S. WTI crude futures for December falling to $40.80 per barrel, down 0.4 percent, and Brent crude futures for December declining 22 cents per barrel to $42.94 per barrel.
The Pound Sterling struggled for traction during London trade on Thursday as FX players wait for news that the Brexit talks seem to be progressing.