22.10.2020: Investors awaiting results of negotiations between Republicans and Democrats

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US lawmakers are still unable to reach a consensus on the amount of the new stimulus package. However, market participants hope that they will eventually strike the stimulus deal before the presidential election. At least House Speaker Nancy Pelosi continues to make hints at some progress in the negotiations. She postponed the deadline by one day. So, investors are highly anticipating her speech today.
After falling to a one-and-a-half-month low, the US dollar index, which measures the strength of the greenback against a basket of six major currencies, has entered the consolidation phase. It is trading in the range between 92.60 and 92.80. Yet, its rally is restrained by the growth of the euro and the pound sterling. The demand for these currencies has increased amid the possible conclusion of a free trade agreement between London and Brussels.
Currently, investors are sticking to a wait-and-see approach ahead of the final round of debate between Donald Trump and Joe Biden. Besides, some experts voice concerns that the epidemiological situation may worsen even more, adversely affecting the global economy. The International Monetary Fund has warned that in the Asia-Pacific region, production volumes are likely to remain below the values recorded before the pandemic in the medium term. Even China’s impressive economic rebound will hardly improve the situation.
The dollar/yen pair is also in the consolidation phase due to uncertainty in the market. After decreasing below the resistance level of 104.96, the pair is now moving sideways between 104.40 and 104.70. Technical analysis experts are waiting for a pullback up to the level of 104.93. Then, it will resume the downward movement falling to the 103.75 level.
The AUD/USD pair is trading sideways. After yesterday's weakening of the US currency across the board, it is stuck in the range of 0.7090 and 0.7130. Technical and fundamental analyses suggest the resumption of the downward movement. This scenario will come true if the pair goes down to the 0.7058 level. If so, the first bearish target will be the level of 0.6950.

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