22.10.2020: USD rebounds from 7-week lows (DJIA, USDX, USD/CAD)

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Futures on the US stock indexes dipped ahead of the publication of macroeconomic data. The US dollar perked up amid political uncertainty before the presidential election in the US and fading hopes for stimulus measures. The Canadian dollar seems to have lost bullish momentum.
Futures on the Dow Jones were 0.11% down. Futures on the Nasdaq edged up 0.03% while futures on the S&P 500 rose 0.12%.
Investors are cautious awaiting a weekly update on unemployment claims and data on existing home sales for September. Analysts reckon that the number of first-time claims for unemployment benefits decreased 38,000 last week. The number of existing home sales is expected to grow 5% last month.
Market sentiment is still vulnerable to twists in the presidential race and jitters among the US lawmakers about the new bill on fiscal stimulus measures. Yesterday, Donald Trump blamed the Democrats for their stubbornness to reach a compromise in the bill on financial aid. Thus, market sentiment turned sour.
The presidential election is scheduled for November 3. Meanwhile, the primaries are in full swing in several states. Today market participants are alert to the final debates between Donald Trump and his rival Joe Biden.
In the early European trade, the US dollar rebounded sharply. Its index climbed 0.23% to trade at 92.815. Yesterday, the US currency weakened amid the growing likelihood that the stimulus bill would be settled soon. Its index tumbled to the lowest level since September 2. Such confidence boosted demand for riskier assets. However, today investors’ optimism is ebbing away. So, the US dollar recovered overnight after a slump.
Amid the broad-based weakness of the US dollar, its Canadian counterpart advanced to 1.3081 yesterday, the strongest level in a month. However, today the USD/CAD pair is again trading higher at 1.3159.
The currency pair is rising as the Canadian dollar was hurt by downbeat macroeconomic data from Canada and a crash of oil prices. Canada’s economy depends largely on commodity exports. It means that the bulk of the budget revenues come from crude exports.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are due to carry on with the talks tonight. Nevertheless, the stimulus bill will hardly be approved until the presidential vote on November 3. One thing is obvious that the deal will come into force not until the election, even if it passes in the near future.

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