FxPremiere.com – FX Signals | The dollar remained near multi-year lows in early European trade Tuesday, with little news to challenge a dominant narrative that sees loose U.S. policy underpinning a broad global recovery next year.
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USD/JPY fell 0.1% to 104.06, EUR/USD edged lower to 1.2140, trading near a 2 1/2-year low of 1.2177 touched on Monday, while the risk-sensitive AUD/USD was down 0.2% at 0.7523, after touching the highest since June 2018 at 0.7578 on Monday.
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The first part will include a $748 billion proposal that has bipartisan support including aid for vaccine distribution and unemployed benefits, and the other, more controversial, is a $160 billion bill for state and local support and temporary Covid-19 liability protection.
Dollar Slips to New Lows
Additionally, “the Fed is annoyed with Steve Mnuchin’s decision to veto against the prolongation of the crisis measures and this is maybe the best reason to expect the Fed to add stimulus;
Pound Above Lows Despite EU Warning
Elsewhere, GBP/USD rose 0.1% to 1.3331, retaining some strength after better than expected unemployment data.
Additionally, European Union negotiator Michel Barnier said that sealing a trade pact with Britain was still possible, after talks were extending past Sunday’s self-imposed deadline in order to try and strike a Brexit deal.
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“FX positioning data shows a substantial trimming of GBP net shorts, but it doesn’t reflect the shift to a more pessimistic market situation on Brexit; Even if some GBP shorts have been rebuilt in the last few days, the positioning will hardly provide a buffer in the case of no-deal,” said ING’s Francesco Pesole, in a research note. Forex Signals Dollar finds footing
Dollar Near Multi-Year Lows
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