This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
Dollar Struggles Across the Board
The dollar realized further declines on Tuesday as the index closed 0.58% lower. The coronavirus situation in the US is taking a further toll as cases arise. President Trump stated that the outbreak is likely to worsen.
Further struggles to reach a consensus on the next round of economic stimulus measures drag on. This weakened the dollar to deeper territories as investors turned to riskier assets.
Euro Rejuvenated After EU Agreement
The euro traded at its highest level in more than a year in the morning session, breaking above 1.15. This comes as European leaders struck an agreement for a €750bn pandemic recovery fund.
Progress towards a coronavirus vaccine also weighed on the US dollar. This came as European biopharma companies reported encouraging trial results.
Pound Bullish But Brexit Uncertainty Looms
The pound kept its momentum against the weakened US dollar, closing 0.54% higher on Tuesday. GBPUSD recorded highs above the 1.27 handle.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.