Dollar holds after market absorbs Trump's remarks

The US dollar index held against a basket of major currencies, after the market absorbed President Donald Trump's comments and disappointing economic data.


President Donald Trump unexpectedly decided to stop the Covid-19 stimulus talks with Democrats, until after the presidential election next November.


However, Trump calmed the market's concerns today and stated that he is considering a $25 billion aid program to support to airlines and the paycheck protection program.


The US Labor Department released the unemployment claims reading today, at 0.840 million last week ending, worse than forecasts of 0.820 million.


The US government budget posted a deficit of $3.1 trillion during the 2020 fiscal year, which ended in September.


The dollar index held against a basket of currencies  at 93.6 points as of 20:14 GMT, after it hit a high of 93.7 and a low of 93.5.

Attached Files:

Posted By laraparker : 09 October, 2020
Related Article

The energy services firm "Baker Hughes" announced today that the US crude oil drilling rigs count rose 6 rigs to 189 during this week.   While the natural gas rigs fell by 1 to 74 rigs, with the total of oil and gas rigs rising by 5 to 2616 rigs.

The US dollar fell against most major currencies on Monday, as investors await a very busy week full of events.   Chief among these events is the upcoming US presidential debate between the US President and Republican candidate Donald Trump versus his Democratic rival Joe Biden.   The final reading of the US GDP for Q2 will also be released later this week, amid expectation that the US economy will continue shrinking due to the coronavirus crisis impact.   The market is also anticipating the US monthly jobs report on Friday, which delivers key insight on the state of the US labor market and employment improvement from August.   Several Federal Reserve members had recently expressed that the US economy recovery path from the coronavirus impact is continuing.   The dollar index fell against a basket of currencies by 0.4% to 94.2 points as of 20:02 GMT, after it hit a high of 94.6 and a low of 94.1.

At 12:15 GMT, the US economy released its reading for the ADP Non-Farm employment change for September, which increased by 0.749 million jobs, better than forecasts of 0.650 million jobs, and better than August's reading of 0.481 million after it was revised from 0.428 million.

Post your comment