USD consolidating above the lowest level in 3 weeks
EURUSD Weekly Outlook: 12th October 2020
USD rose in the European market on Monday against a basket of global currencies, to consolidate above its lowest level in three weeks, in the process of achieving its first gain within the last four days, due to the renewed purchases of the US currency as the best alternative investment, in light of growing doubts about the approval of a new fiscal stimulus. In the United States before the presidential elections.
The USD index rose 0.2% to the level of 93.24 points, and the opening level of trading today at 93.06 points, and recorded the lowest level at 93.01 points on the Australian forex platforms.
The USD index ended Friday’s trading, down by more than 0.5%, in its third consecutive daily loss, and recorded its lowest level in three weeks at 93.01 points, in light of positive sentiment dominating investors, focusing on buying high-risk currencies.
In terms of last week’s trading, the US dollar index lost 0.8%, in the second consecutive weekly loss, thanks to the increasing hopes of approving a package of economic aid in the United States.
USD recovers after increased demand
The current recovery in US currency levels comes thanks to renewed currency purchases as the best alternative investment, and a reluctance to buy high-risk currencies, in light of growing doubts about reaching an agreement on a new economic aid package in the United States.
On Friday, US President Donald Trump offered a $ 1.8 trillion coronavirus relief package in talks with House Speaker Nancy Pelosi, who in turn adheres to a $ 2.2 trillion aid proposal.
Trump’s presentation sparked a wave of criticism from members of the Republican Party in the Senate, many of them expressing great concern about the country’s growing debt, as well as its negative impact on support for Republicans in the upcoming presidential elections.
With the American elections approaching, investors are betting that Democrat “Joe Biden” is likely to win the presidency of the United States, which they believe is positive for the US dollar and reduces political and trade disputes with China, the second-largest economy in the world.
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