Wednesday, October 21, 2020

Major Currencies Continue to ‘Suffer’ - Stimulus Package Issues Become Investors' Attention!

 The Wall Street exchange opened higher but the US dollar hit a one-week low on Tuesday as investors hoped the stimulus fund would be larger than Washington with U.S. Senate senators preparing to vote on bills to help small businesses affected by the Covid pandemic -19.

According to Pelosi spokesman, Speaker of the House of Representatives Nancy Pelosi and Treasury Secretary Steve Mnuchin will continue discussions on Tuesday to further bridge the gap between the two sides on Covid-19 package assistance.

Pelosi has set the end of Tuesday as the deadline to reach an agreement on the stimulus package.

According to analysts, the stimulus package is seen as a key determinant for market players in the hope that Republicans and Democrats will approve the stimulus package.

In Europe, the point of concern is the surge in the Covid-19 case in the European region and concerns over the economy as a result of movement control restrictions.

The US dollar index recorded a decline of 0.37% against major currencies to 93.082. The euro continued to soar with a strengthening of 0.51% against the US dollar.

The pound is still declining against the euro following concerns over Brexit developments.