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September 7, 2021

USD Weakens, RBA Meeting In Focus!

 Major currencies returned to gains at the opening of the Asian session, prompting the US dollar to decline again after posting modest gains on Monday.

The dollar index, which measures the strength of the greenback against a basket of major currencies, traded lower at 92.11.

Being the focus of the market today were the minutes of the Reserve Bank of Australia (RBA) meeting this afternoon as investors were still divided on whether the central bank would delay plans to reduce its bond purchases.

The number of daily cases in Australia is increasing, with figures exceeding 1000 cases per day. This has caused the state government to race to speed up vaccination programs in the affected provinces.

While expectations of a slowdown will rise, the Aussie dollar managed to post a slight rise in the Asian session supported by the weakness of the greenback.

Meanwhile, the euro moved around the same price as it traded higher around 1.1885 against the US dollar, while the market awaited the release of German economic sentiment data survey ZEW in the European session today.

The pound, meanwhile, rose slightly, as the number of Covid-19 infection cases in the UK continued to show an increase. No restrictive measures have been implemented, but there are concerns that it will happen.