Monday, November 16, 2020

USD started gloomy, What pair in your mind to trade today

 The start of trading earlier in the week saw the US dollar extend its depreciation relative to its major currencies, reflecting market uncertainty about the coronavirus epidemic that is becoming increasingly raging in the United States and its impression on the economy.

Confidence in vaccines has driven up the stock market and currency markets, including the US dollar. However, sentiment turned negative again after witnessing the increase in the coronavirus case that is expanding worldwide.

The number of Covid-19 outbreaks has now split 54.32 million, while the death toll exceeds 1.3 million deaths worldwide, according to data published by Johns Hopkins University.

While the number of cases in the United States has exceeded 11 million as of Sunday, the following rates of transmission have accelerated.

The dollar index, which measures the greenback's dollar strength against most major currencies, was trading low at 92,615.

In the meantime, the uncertainty over the US choice of road is getting less and less, after Donald Trump acknowledged Joe Biden's victory. However, he will not back down and will continue to fight in court.

Meanwhile, the Aussie dollar is set to rise as investors look to the governor of the Reserve Bank of Australia (RBA) Philip Lowe later this evening, while the November police ministries report will also be published on Tuesday.

Analysts say the China-endorsed Overseas Comprehensive Economic Cooperation (RCEP) agreement signed by 15 Asia Pacific economies on Sunday has helped boost sentiment towards Asian eyes, in the hope that trade, which has been hit by the US-China row, will improve.