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The dollar is recovering early in the US session on better-than-expected employment data. However, at the moment it remains the weakest in a week. The momentum to buy the dollar does not yet guarantee a reversal. At the moment, there are multidirectional dynamics in the foreign exchange markets, with a moderate fall in the sterling and the euro. Stock markets are marking time, waiting for new events, in particular, the latest presidential debate before the US elections. Global Treasury yields also remained largely unchanged in a narrow range.
The US incentive saga continues. House Speaker Nancy Pelosi said Democrats were “about to get close” to a coronavirus-boosting deal with the White House, but also warned of a bill that could take some time for Congress to pass.
The dollar rebounded against its major competitors, while Wall Street closed higher. Government bonds declined and US Treasury yields hit new multi-week highs.
EUR/USD fell to 1.1820 and GBP/USD dipped below 1.3100. Commodity-pegged currencies posted modest gains over their US counterpart.
Sterling Takes the Limelight
EU chief negotiator Michel Barnier has arrived in London to resume trade talks after a week-long deadlock, backing the pound. Barnier and his British counterpart David Frost intend to engage in intensive negotiations, although both acknowledged “significant gaps” remain the most challenging areas, such as fishing rights and a level playing field, under EU requirements.
The dollar is moderately recovering today in the Asian session but overall remains weak, as it is so far the worst indicator in a week.
The sellers seem to be taking a breather, for now, waiting for new developments in terms of fiscal stimulus, as well as the latest presidential debate before the election. At the moment, the largest European currencies are the best of the week: first the pound sterling, then the euro. Commodity currencies will not benefit much from the dollar sell-off.
GBP/USD is currently trading at 1.3092 and is down about 0.36% at the time of writing on Brexit issues. The price fluctuated on Thursday between the 1.3070 and 1.3152 range, bringing back a positive rally in Brexit sentiment as it deteriorates towards the end of the week.
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