World News – GB – Dollar is stable as all eyes are on US presidential debate


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The dollar was stable against a basket of currencies on Tuesday as financial markets braced for the first US presidential debate, while traders also monitored developments on the US stimulus bill

The dollar index was unchanged at 94209, moving away from a two-month high of 94745 reached last week, as stock markets made solid gains partly on bullish data from China with the Wall Street rebound after last week’s sale

All eyes are on the first US presidential election debate where Democrat Joe Biden and Republican Donald Trump face off later Tuesday (01:00 GMT Wednesday)

« If the debate puts Trump on the back burner and Biden keeps his lead, I think it might cause people to give up their dollars, » said Daisuke Karakama, chief market economist at Mizuho Bank

« The dollar market has generally bottomed out since mid-September The question is what the trend would be in October, » Karakama said, adding that market participants are also closely monitoring any plan recovery

House Speaker Nancy Pelosi on Monday said Democratic lawmakers were unveiling a new $ 2 trillion coronavirus relief bill, a compromise measure that cuts the costs of economic aid

Markets are also poised to receive a plethora of data to assess the health of the world’s largest economy ahead of the election, analysts say, including Tuesday’s consumer confidence, a survey of the manufacturing sector and consumer data Thursday, as well as an employment report Friday

The pound extended its gains overnight on optimism over a Brexit trade deal as the European Union and Britain kick off a landmark week of talks

The British pound moved up 018% more, to $ 1.2856 in Asian trade, after touching $ 1.2930 overnight

While the EU and Britain said a post-Brexit deal was still far from being concluded, European Commission chief Ursula von der Leyen said a deal was still possible

Separately, the pound also found overnight support, Bank of England Deputy Governor Dave Ramsden said he believed the central bank’s key rate floor was 01 percent Ramsden, however, said the BoE was « bound by duties » to consider pushing rates below zero

The euro stabilized at $ 1.1674, with its recovery capped by remarks by European Central Bank President Christine Lagarde that the external value of the shared currency has an impact on inflation and that policymakers will monitor currency movements

As Europe grapples with a surge in new coronavirus infections, traders will look for data on consumer confidence and industrial sentiment in the eurozone for September for signs of an impact on the recovery economy of the region

« The problem right now is that political risks on both sides of the world are neutralizing the yen’s momentum, » said Stephen Innes, chief global market strategist at AxiCorp

« I think at the end of the day if we look at the effects of the inflation zone, US real yields fall more – markets are heading back to the yen more frequently, » he said.

Data from Tuesday shows that Tokyo’s basic consumer prices fell 02% in September, the latest evidence of the coronavirus’ lingering impact on business activity

The risk-sensitive Australian dollar rose moderately as economists pushed back expectations of a rate cut by the Reserve Bank of Australia to November from next week, with support also coming from the steep hike appetite for risk

The Aussie bounced off its two-month low for the last trade at $ 0 7084, as the kiwi sat at $ 0 6568

US Presidential Debates, Debate, Donald Trump, Bond

News from around the world – GB – Dollar is stable as all eyes on US presidential debate


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