USD hits lows not seen since May 2018
Overnight news signaled that Joe Biden could win the key state of Georgia leading the number of votes by a small margin. The dollar index is down and on pace to trade almost 2% lower for the week. This losing streak is the worst 5-day loss the market has seen for the greenback since March.
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November 6, 2020
EUR/USD 1.1889 GBP/USD 1.3144 USD/CAD 1.3046 AUD/USD 0.7277 USD/JPY 103.34 USD/CNH 6.6082 USD/ILS 3.3743 USD/MXN 20.6519 USD/CHF 0.8993 USD/INR 74.2012
USDThe US dollar strengthened earlier in the session only to lose those gains and more. News signaling that Biden is leading the state of Georgia caused the greenback to continue its losing streak.GBPSterling has fluctuated between gains and losses as investors evaluate the potential Brexit deal vs. the negative impact of a nationwide lockdown. The currency is also being supported by broad USD weakness.EUR
EUR/USD is up the most since July strengthening almost 2%. The currency pair has not yet broken through the key psychological level of 1.19 but technicals suggest there could be a rally up towards 1.2160.CADThe Canadian dollar led losses for G-10 currencies today as oil prices decline for a second day. Canadian unemployment data was released this morning showing a modest move lower to 8.9% vs. last month’s report of 9%.ASIA/PACIFIC
USD/JPY continues to trade within the 103 handle maintaining a tight range. The currency pair hit an eight-month low of 103.18.
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