The U.S. dollar weakened against other major currencies on Friday, weighed down by renewed optimism about a U.S. stimulus deal and on Joe Biden’s lead over President Donald Trump in opinion polls ahead of the presidential election.
After the government said that it was open to a broader coronavirus stimulus package – one that includes support for airlines, state and local government aid, and jobless benefits, talks over a relief plan resumed between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin.
The dollar index slipped to 93.02, down more than 0.6% from Thursday’s close.
Against the Euro, the dollar weakened to $1.1832, losing about 0.6%.
The pound sterling was stronger by more than 0.8% with a unit of sterling fetching $1.3045, compared to $1.2939 yesterday evening.
The U.K. economy grew at a moderate pace in August as lockdown measures continued to ease, the Office for National Statistics said. Gross domestic product climbed 2.1% sequentially, slower than the 6.4% expansion seen in July. This was the fourth consecutive monthly increase following a record fall of 19.5% in April.
The Yen firmed up to 105.60 a dollar, rising 0.4%. Data from the Ministry of Internal Affairs and Communications showed that Japan household spending fell 6.9 percent on year in August – coming in at 276,360 yen. That was in line with expectations following the 7.6 percent annual decline in July.
The Aussie strengthened by over 1% with the Aussie-USD pair at 0.7242. Data from the Australian Bureau of Statistics showed that Australia home loans rose a seasonally adjusted 13.6% on month in August – coming in at A$16.28 billion.
The Swiss franc was firmer at 0.9096 a dollar, gaining from 0.9170. The Loonie was stronger at C$1.3112 a dollar, rallying from C$1.3196 a dollar, buoyed by strong jobs data.
Data from Statistics Canada showed that employment rose by 378,200 jobs in September following an increase of 245,800 jobs in August. Economists had expected employment to grow by 150,000 jobs.
The unemployment rate dropped to 9% in September from 10.2% in August. Economists had expected the employment rate to fall by 9.8%.
The material has been provided by InstaForex Company – www.instaforex.com
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