Forex Today: dollar keeps easing
|- Here is what you need to know on Thursday, September 5th:
- The dollar edged lower against all 0f its major rivals, except the Japanese Yen, as investors continued discounting the dismal ISM Manufacturing PMI. Sentiment improved on better-than-expected Chinese data.
- ECB’s future head, Christine Lagarde, said that, given persistently low inflation, a highly accommodative policy is warranted for a prolonged period. No surprises there, EUR/USD advanced on dollar’s broad weakness.
- The Pound extended its rally on hopes a hard-Brexit will be avoided. MPs approved a bill to block a no-deal Brexit until at least January 31, 2020, which is now going into the House of Lords. UK PM Johnson quickly responded by calling for elections on October 15, claiming that the delay will effectively end Brexit negotiations.
- The Canadian dollar soared as the Bank of Canada left rates unchanged as widely anticipated, while the accompanying statement was far from dovish. Crude oil prices, in the meantime, rose roughly 5.0% daily basis, as better-than-expected Chinese data eased fears about a global economic downturn.
- Multiple Fed’s officials spoke through the US session but failed to impress investors, as they repeated their well-known stances toward the future of monetary policy, without offering new details on what could happen this September.
- Crude oi prices added roughly 5.0% as better-than-expected Chinese data eased concerns about a global economic downturn.
- Cryptocurrencies maintained the bullish strength with BTC/USD nearing 11,000 at the end of the day.
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