The FX market's demand for safe haven assets pushed the Pound Sterling lower against its US counterpart; for all intents and purposes, the US Dollar is still considered a safe haven currency.
The Reserve Bank of Australia's board member Ian Harper said recently that there is additional room for boosting bond purchases, adding that the bank still has the capacity to do so indefinitely if the governing board deems it appropriate.
Japanese Yen Close to Long-Term High Prices; Coronavirus Fears Impacting Euro
In London trade, the Pound Sterling remained relatively steady as analysts assess the likely sentiment shift if there is a Brexit deal.
Reserve Bank of Australia Deputy Governor Guy Debelle expressed optimism on Tuesday that the Australian economy grew in the third quarter of 2020 despite complications from COVID-19.
New Coronavirus Cases Hitting Record Highs in E.U. and U.S.A.
The US Dollar gained favor among FX traders during London trade on Monday as a resurgence of the Coronavirus in both the United States and Europe resulted in a cautious response.
The Australian Bureau of Statistics reported that the trade balance for September was at 5114 million, increasing from the previous month's 2643 million.
U.S. Dollar Advances; Stocks Lower in Asian Session; New Coronavirus Cases Remain High
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.