empty
 
 
02.12.2020 03:35 PM
USD falls to new lows

This image is no longer relevant

The optimism amid the vaccine's effectiveness and the high chances that the US will extend its stimulus measures are fueling interest in high-yield currencies. As a result, the US dollar was losing in value again during the European session on Wednesday.

The US dollar index, which measures the US dollar against a basket of six major currencies, fell by 0.2% to 91.157. This is the lowest level since April 2018.

EUR/USD hit its highest level in two years, climbing by 0.2% to 1.2081. It happened thanks to strong macroeconomic data from Germany. Thus, retail sales advanced by 2.6% in October.

This image is no longer relevant

USD/JPY rose by 0.2% to hit 104.47. The risk-sensitive AUD/USD grew by 0.2% to 0.7381.

On Tuesday, during the Senate Banking Committee, Jerome Powell stated that the US economy is still unstable. He was calling on Congress to provide additional financial assistance.

At the same time, a bipartisan Senator's group presented a $908 billion emergency support project for the US economy to overcome the pandemic's consequences.

The effectiveness of the developed vaccines against coronavirus is really high. In this regard, the companies developing them send requests to regulators for the use and registration of their drugs.

For example, on December 17, the US medical regulator FDA will consider Moderna's application for the COVID-19 vaccine at the meeting of the regulator's advisory committee.

GBP/USD rose by 0.2% to trade at $1.3438. It is close to a three-month high. Moreover, there are rumors that the EU and the UK will not be able to agree on the Brexit deal.

Kate Smirnova,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback