21.10.2020: USD falls to monthly low: USDX, USD/JPY, AUD/USD

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The US dollar has lost favour with investors. Let’s find out why the US currency is extending losses once again.
The US dollar index, which measures the strength of the greenback against a basket of six major currencies, went down to a monthly low of 92.70 amid a massive sell-off. As expected, Democrats and Republicans failed to find a compromise on the stimulus package. It means that they will return to the negotiating table only after the presidential election. Taking into account public holidays for Christmas, the discussion may take place in January-February at best. Naturally, investors were unhappy with such a turn of events. So, the US dollar lost ground across the board.
The dollar/yen pair was unable to consolidate above the resistance level at 105.76. However, the US stock market remains cautiously optimistic amid Nancy Pelosi’s comments. She said that the situation with the stimulus deal may change before the weekend. Yet, even these statements did not attract bulls back to the market. The dollar/yen pair dipped below the support level at 105.20 and even reached the first bearish target at 104.93.
The AUD/USD pair also sank due to traders' bearish bets on the US dollar. The Aussie is losing momentum as speculators are anticipating a reduction in the Reserve Bank of Australia's interest rate to 0.10% or even to zero at the November meeting. Today the situation is different and the pair is correcting upwards. Obviously, the upward movement will be short-lived. So, it is likely to rise to the level of 0.7120. After reaching this level, it may resume its downward movement.

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