The U.S. dollar exhibited strength against most of its peers on Wednesday, as continued spikes in coronavirus cases lifted demand for the safe haven currency.

Despite optimism over a potential coronavirus vaccine, the dollar found support due amid the ongoing impasse over a fiscal stimulus plan.

The dollar index, which rose to 93.21 after staying somewhat flat in the Asian session, pared some gains subsequently, but was still firmly placed at 92.99, up 0.26% from previous close.

Against the Euro, the dollar firmed up to $1.1747 before easing to $1.1782, but was still up nearly 0.3% from Tuesday.

The Pound Sterling was weaker, fetching $1.3220 a unit, after settling at $1.3271 yesterday. Media report showing that a mid-November deadline to strike a post-Brexit deal between the U.K. and the European Union is likely to be shifted weighed on the British currency.

Reuters reported that EU leaders in Brussels will not be updated on the talks this week and the Brexit issue is now penciled in for the November 18 meeting.

The Yen dropped to 105.41 a dollar, sliding from 105.28 a dollar. Earlier in the day, the yen had weakened to 105.66 before recovering some lost ground.

The Aussie-Dollar pair was little changed at 0.7278, giving an edge to greenback.

The Swiss franc was slightly weak at CHF 0.9170 a dollar, easing from CHF 0.9154, while the Loonie was down at C$1.3070, going down by nearly 0.3%.

The material has been provided by InstaForex Company – www.instaforex.com

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