US dollar climbs higher for a third day
The greenback strengthens for a third day as the EUR heads for largest three-day decline since June and sterling weakens on renewed Brexit uncertainty. The US Centers for Disease Control and Prevention stated that a coronavirus vaccine could be ready for distribution as early as November 1 – days before the US Presidential election. The coronavirus case count has exceeded 26 million globally while deaths surpass 863,000.
September 3, 2020
EUR/USD 1.1838 GBP/USD 1.3278 USD/CAD 1.3114 AUD/USD 0.7301 USD/JPY 106.36 USD/CNH 6.8378 USD/ILS 3.3613 USD/MXN 21.6349 USD/CHF 0.9105 USD/INR 73.4775
USDThe US dollar reversed trend from earlier this week and is on-track for a third day of gains. The Federal Reserve’s Evans is due to discuss the economy and monetary policy later today.GBPSterling slipped as much as 0.6% falling to a low of 1.3244. The drop in GBP/USD is largely attributable to the weaker EUR resulting from ECB policy maker commentary that a stronger currency could dampen exports.EUR
Data releases out of the eurozone including final PMI for Germany showed that the area beat flash readings supporting the common currency. EUR/USD rebounded from its trading session low of 1.1789 and is back around the 1.1850 level. The EUR is still trading lower overall.CAD
USD/CAD broke through the 1.31 level as the loonie weakened on broad USD strength. The Canadian dollar fell the most in almost a month as oil extended losses.ASIA/PACIFIC
USD/JPY is supported above the 106 level as the USD remains strong against its G10 peers.
AUD/USD is down 0.5% as data released from the country showed a revised trade surplus of 4.6bn AUD vs. original 8.1bn AUD. Australian exports to China have dropped 17.3% month over month.
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