FX Signals | Dollar Up Over

FxPremiere.com Forex Signals | The dollar moved upwards on Wednesday morning in Asia, with investors digesting U.S. President Donald Trump’s shock cancellation of talks on the latest stimulus measures.

Pound Set to Snap Losing Streak Vs US Dollar COVID-19

Federal Reserve Chairman Jerome Powell sounded the warning bell on Tuesday in his keynote speech to the National Association for Business Economics (NABE) conference a mere hour before the Trump bombshell. Powell warned that the U.S. economy could slip into a downward spiral if COVID-19 is not effectively controlled and called for more economic assistance.

The U.S. dollar was down

European Central Bank (EBC) chief economist Philip Lane also delivered a keynote speech to the conference.

Both the Fed and ECB will release minutes from their respective September meetings later in the day, with investors looking to comments from several Fed speakers over the coming days for further clues to the central bank’s outlook.

The USD/JPY pair inched up 0.06% to 105.68.

Dollar treads water

The AUD/USD pair edged up 0.16% to 0.7116, steadied earlier in the session after falling over 1% on Tuesday in the wake of Treasurer Josh Frydenberg handing down a budget that forecast an AUD213.7 billion ($152.87 billion) shortfall in fiscal 2021 and pushed debt and deficit to a peacetime record.

US Dollar Up After COVID-19 Recovery

The Reserve Bank of Australia (RBA) leaving its rates unchanged at 0.25%. However, expectations that the RBA’s next move could be to cut rates exposes the AUD to more downside risks.

Across the Tasman Sea, the NZD/USD pair inched up 0.02% to 0.6587 The USD/CNY pair remained at 6.7908, with Chinese markets closed for a holiday.

US Market Wrap

The GBP/USD pair inched up 0.04% to 1.2883, with even optimism over the U.K.’s informal divorce talks with the European Union (EU) failing to shield the pound from the dollar’s gains.

FX Signals | Dollar Up Over

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