USD index continues to recover from the lowest level in 27 months

Mohammed Abdelkhalik
August 10, 2020

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USD index rose on Monday against most of world currencies, to continue its raising for second consecutive day, as part of recovery from the lowest level in 27 months, supporting those operations hopes that officials in United States reached an agreement on new financial stimulus packages to support largest economy in the world In the face of Coronavirus pandemic damaging .

USD index increased than 0.3% to level of 93.70 points, and  open level of trading today at 93.39 points, and recorded the lowest level at 93.30 points.

usd index

Index ended Friday’s trading, up 0.7%, the first gain time in the last four days, and largest daily percentage gain since June 11, as part of rebounds from the 27-month low of 92.52 points.

USD index awaiting for financial supporting program

Supporting those operations was also better than expected data on the labor market in United States, raising hopes for a quick recovery of US economy from the Coronavirus crisis.

USD index lost 0.1% over the course of last week’s trading, in the seventh consecutive weekly loss, as a result of selling tUS currency and investors ’focus on buying high-risk currencies.

The current rise in the levels of US dollar comes in light of the hopes of resolving the differences between the Democratic Party and its Republican counterpart, which undermine reaching an agreement on a new financial stimulus package in United States, to confront the exacerbation of the damage caused by the Coronavirus pandemic.

US House of Representatives Speaker “Nancy Pelosi” and Treasury Secretary “Stephen Mnuchin” said on Sunday that they are open to resuming talks on Coronavirus relief plan, after President Donald Trump took enforcement measures on unemployment benefits.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.