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On Tuesday, the American dollar dipped having soared earlier in the day and re-approached the one-year maximum of 95.44 recorded on July 19.
Assessing the purchasing power of the greenback against a pack of its main counterparts, the USD index lost 0.02% hitting 95.17.
Market participants are assured that recent trade clashes between China and America might be supporting the evergreen buck because duties might narrow the American trade deficit.
There’s still everlasting uncertainty on the duties. No one knows for sure how much is going to be implemented and what negative consequences it can bring.
At the same time, the Australian dollar managed to add a bit versus its American rival. Eventually, the currency pair AUD/USD jumped by 0.08% reaching 0.7394 right after the Reserve Bank of Australia decided to leave its overnight rate on hold at a record minimum of 1.50%. Australia’s key financial institution stressed that it left its policy intact due to the fact low rates kept backing the Australian economy. Moreover, the major bank told that it actually expects inflation to rally next year and also in 2020.
Furthermore, the Japanese yen managed to jump versus the evergreen buck. The USD/JPY headed south by 0.08% reaching 111.32 on Tuesday because it struggled to hold onto profits in recent weeks. The previous week the currency pair tacked on to 112.0.
On Thursday, Japan and America are anticipated to have bilateral trade negotiations in Washington.
The currency pair USD/CNY gained 0.06% hitting 6.8590. Additionally, the onshore Yuan has approached its lowest value since May last year. On Friday, the offshore Yuan reached a 15 month minimum versus the evergreen buck because trade dispute between America and China escalated.
On Tuesday, the PBOC had the national currency reference rate set at about 6.8431 in contrast with yesterday’s close of 6.8519.
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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