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On Tuesday, the major American currency was nearly intact versus other crucial counterparts, hovering over a one-week minimum as market participants were still digesting the previous week's news of probable American duties on aluminum as well as steel imports.
Market participants were still cautious because American President Donald Trump was under great pressure to give up an idea of imposing aluminum and steel duties.
However, Trump’s response was to step up pressure on Canada and Mexico, telling he would raise planned duties on steel imports if they dare to sign a fresh version of the North American Free Trade Agreement.
The duties, uncovered the previous week, had rekindled worries over a potential trade conflict, which would have an adverse impact on the American economy.
Estimating the greenback’s value versus a group of six crucial currencies, the US dollar index didn’t change, sticking with 89.92.
The common currency and the British pound didn’t change, with EUR/USD being worth 1.2341 as well as GBP/USD hitting 1.3847.
Market sentiment on the common currency turned to be fragile in the face of worries over Sunday’s inconclusive Italian election outcomes.
Besides this, the Japanese yen managed to strengthen, with USD/JPY sliding 0.21% reaching 105.99 and USD/CHF was intact, demonstrating an outcome of 0.9399.
The Japanese yen demonstrated minor reaction after Bank of Japan Chief Haruhiko Kuroda told that there were some downside risks to the major financial institution’s projection that inflation would hit its 2% objective by 2020.
The previous week the Japanese yen had soared after Kuroda told that the Bank of Japan would talk about an exit from monetary easing in case of meeting its inflation objective.
As for the Australian dollar, this commodity currency didn’t change, with the currency pair AUD/USD hitting 0.7759.
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.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
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