Beware USD Is Rising Again

 The US dollar began to show gains during the opening of the European session, but remained trading around a three-week low amid confidence in US fiscal stimulus.


The dollar index that measures the strength of the greenback dollar against a basket of major currencies traded stable at 93.14.


Negotiations on US fiscal stimulus measures are still at a standstill after House Speaker Nancy Pelosi disagreed with President Donald Trump's proposal for a $ 1.8 trillion aid package even though it was close to the amount Democrats were offering.


Trump's proposal was also rejected by the Republican Senate, which no longer wants to add to the country's debt and fears it will affect the vote during next month's presidential election.



Yuan, on the other hand, fell after the People’s Bank of China (PBOC) announced it would reduce its needs reserve ratio to zero by 20%, for some foreign exchange futures trading, effective Monday.


Following that, the Aussie dollar and the New Zealand dollar depreciated 0.3% and 0.2%, respectively, after rising to almost three-week highs in Friday's trading session.


Meanwhile, the euro also began to decline below the price of 1.8000 against the US dollar pressed by concerns over the increase in Covid-19 cases in France, Spain and Britain which recorded the highest readings for the first time.