Forex Today: Mild optimism backed the greenback
|Here is what you need to know on Tuesday, August 11:
The greenback appreciated against most major rivals, with EUR, AUD and GOLD its weakest rivals. The Pound was resilient, posting a modest intraday advance against its American rival.
Dollar’s strength could be attributed to weekend news indicating that US President Trump signed four executive orders on fiscal aid. Speculative interest believes it would force Congress to rush into a deal.
In the UK, PM Boris Johnson said that the government wouldn’t hesitate to reimpose lockdown measures if needed. It’s spokesman later announced that they will set out at the end of the week whether to go ahead with reopenings, adding that they pretend to act timely “on quarantine if data shows we need to.” In the trade front, there were no news related to the EU, although news headlines indicate that a future trade deal with Japan cooled.
Equities traded mixed worldwide, without a clear directional momentum, indicating a cautious stance from investors. Treasury yields, however, edged higher.
Gold prices kept retreating from record highs, with spot gold ending the day around $2,025 a troy ounce. Crude oil prices remain stable, with WTI settling at $42.00 a barrel.
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