The dollar is under pressure again today as there is a moderate strengthening in the global stock markets ahead of the weekend. However, overall markets are relatively patchy as we see some gains in both the Swiss franc and the euro and Australian dollar. On the other hand, sterling and Canadian are softer. The development of events suggests that major pairs and crosses are trading more on their own, rather than on a single main topic.
With U.S. President Donald Trump trailing former Vice President and Democratic candidate Joe Biden in nationwide polls, the latest clash between the two has proven far more civilized and informative than the first chaotic clash.
Although this time both sides put on the best show, the discussion did not affect the market. The US dollar was down compared to its major peers, while S&P 500 futures remained modest at the 3450 levels. Most major currencies are stuck in tight trading ranges. Gold jumped above $1,900 in trading
The index resumes its weekly downtrend and is quickly leaving behind Thursday’s positive results. The news that new US stimulus may have to wait until the last November elections provided initial support for the dollar and pushed the index to 93.00 earlier in the session.
However, favorable October manufacturing PMI data for the major eurozone countries gave a moderate impetus to the risk mix and forced the dollar to shift its focus to a decline.
The index managed to overcome the negative pressure observed at the beginning of the week, and by the end of the week, it returned to the level of 93.00. The current recovery has come along with diminishing hopes for additional stimulus, at least in the short term.
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