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On Wednesday, the evergreen buck headed south against a group of the other key currencies. It’s due to the fact worries over heightened trade tensions kept putting pressure on market sentiment around the globe.
The USD index, estimating the greenback’s purchasing potential versus a bunch of major currencies, inched down by 0.11% being worth 94.26, having soared by 0.45% on Tuesday, thus snapping four consecutive sessions of losses.
Relieving worries as for American trade policy had helped to spur the evergreen buck, although market participants were still cautious following further dips in Chinese equities and the Yuan overnight in the face of concerns over the prospect of a full-fledged trade conflict.
The major US currency was lower against the Japanese yen. As a matter of fact, the currency pair USD/JPY headed south by approximately 0.26% coming up with 109.76. It’s a common occurrence that the Japanese currency is often required by traders as a safe haven in times of geopolitical uncertainty and market turmoil.
As for the common currency, it managed to edge up versus the softer evergreen buck. The currency pair EUR/USD rallied by 0.16% reaching 1.1665.
In addition to this, the British pound was nearly intact. The currency pair GBP/USD showed 1.3228.
The UK currency concluded the previous trading session down nearly 0.43% versus the evergreen buck after incoming BoE policymaker Jonathan Haskel told there might be more slack in the British economy that would undoubtedly weaken the case for interest rate lifts.
The statesman added that the major bank has scope to have rates reduced a bit in case of an economic downturn
As for trade sensitive New Zealand and Australian dollars, they were suppressed. The currency pair AUD/USD declined to 0.7386, while NZD/USD dipped to a seven-month low of 0.6812 overnight.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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