Dollar Weakens as Consumers Lose

FxPremiere.com – Telegram Forex Signals | The dollar edged lower in early European trade Wednesday, weighed by signs the surge in coronavirus vases is hitting the U.S. consumer while the country’s political scene remains divided.

EUR/USD climbed 0.2% to 1.1883, USD/JPY fell 0.3% to 103.91, while the risk sensitive AUD/USD rose 0.1% to 0.7304.

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At the same time, the political partisanship in the U.S. shows few signs of changing after outgoing President Donald Trump fired Chris Krebs, who heads the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency, accusing him without evidence of making a “highly inaccurate” statement that affirmed the security of the U.S. election. Dollar Weakens

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Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer on Tuesday asked Senate Majority Leader Mitch McConnell to resume talks on a multi-trillion-dollar stimulus package for the U.S. economy. Dollar Weakens as Risk

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Elsewhere, GBP/USD climbed 0.3% to 1.3276 after the Sun newspaper reported that a trade deal between the EU and the U.K. could arrive “early next week.” Pound Traders Look Beyond Brexit

“GBP seems a little tired of the stop-start nature of this news,” ING added, “but we would back cable on the soft dollar story and favor a rally back to recent highs at 1.3310.”

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The currency could strengthen to $1.35 by mid-2021 if the two sides negotiate a free trade agreement, according to a Bloomberg survey of analysts, a level not seen since December 2019. Dollar Weakens Ahead of Sterling

USD/CNY dropped 0.2% to 6.5442, with the yuan climbing to an almost 29-month high, helped by recent strong economic data, pointing to a robust economic recovery by the world’s second largest economy.