23.10.2020: Will USD close week in green? Outlook for USD/JPY, AUD/USD.

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The last round of debate in the United States has been much calmer or better to say less chaotic. Yet, market uncertainty persists. The rhetoric of the candidates is strikingly different. For example, Donald Trump is more optimistic about the situation with the pandemic. He is confident that the vaccine will be ready quite soon.
The US dollar is trying to recoup losses after plunging to a seven-week low. The US dollar index, which measures the strength of the greenback against a basket of six major currencies, reached the level of 93.00. It gained momentum amid the upbeat US labor market data. The report showed a significant decrease in the number of initial as well as continuing jobless claims. Investors also welcomed a strong report on real estate sales. In September, the indicator saw the highest increase in existing home sales since May 2006. Given the change in working hours during the pandemic, many Americans prefer moving out of big cities.
At the same time, the US dollar's growth is restrained by growing uncertainty about negotiations on the stimulus package. White House economic adviser Larry Kudlow said, “there are still significant policy differences between the two teams and those two policy differences have not yet been resolved”. It seems that White House officials and Democratic leaders will be unable to strike a deal before the November election.
The US stock market is trying to keep its upward trend. So, the dollar/yen is stuck in the sideways channel. The pair may move up to the level of 105.65 if it consolidates above the 104.94 level. Yet, experts insist on a drop below the support level of 104.40 and then to the bearish target of 103.75.
Consumer prices in Japan are suffering from long-run stagnation. In September, Japan's key inflation gauge stayed at zero, indicating a deterioration in consumer activity during the pandemic.
The AUD/USD pair is trading above the key level of 0.7120. If the pair breaks above Wednesday's high of 0.7138, it may grow to the target level of 0.7190. In the case of a decrease below the level of 0.7120, the pair will go down to 0.7058.

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