Remind All Rockets Currency, Eh! Apparently Falling In The Middle Of The Road

 The start of the European session saw major currency trading return to decline following cautious market sentiment on the health status of US President Donald Trump who has been discharged from hospital despite not yet fully independent of Covid-19.

Despite leaving the hospital, Trump still needs treatment at the White House and doctors treating him say the president has not fully recovered.

In fact, Trump's return to the White House has also caused criticism as his actions could put other officials at risk of becoming infected.

The dollar index, which measures the strength of the greenback dollar against six other major currencies, traded positively at 93.51.

Among the currencies that showed the most significant decline was the Aussie dollar after the Reserve Bank of Australia (RBA) indicated an indication of further monetary easing to support the economy.

This reinforces analysts' expectations that the central bank will reduce interest rates to a new low of 0.10% at next month's policy meeting.

The euro, which initially managed to break the price of 1.1800 against the USD at the opening of the European session, weakened again due to gloomy market sentiment.

Meanwhile, pound trading continued to maintain its strengthening momentum after rising to a 3-week high, driven by confidence in UK and European Union (EU) trade negotiations.

The market focus is now focused on Federal Reserve Chairman Jerome Powell who will talk about economic prospects today. Powell is likely to reiterate the bank's commitment to low interest rates, but does not promise to increase bond purchases in the near future.