Forex Today: Dollar out of the market’s favor

FXStreet Team FXStreet

Here is what you need to know on Tuesday, October 20:

Investors started the week with an eye on US stimulus back and forth and Brexit, both showing no progress as the US session comes to an end.

Regarding a US coronavirus aid package, US House Speaker Nancy Pelosi set a 48-hour deadline to reach a deal. Hopes on progress were erased mid-US afternoon, amid headlines indicating that Democrats consider big differences persist. The dollar edged lower against most major rivals, recovering unevenly during the American session.

EUR/USD trades around 1.1770, holding on to modest gains. The absence of EU macroeconomic data or other relevant headlines maintained the shared currency afloat.

The GBP/USD pair briefly traded above 1.3000, but later gave up as the UK said that there’s still no basis for trade talks to resume, as the EU has not changed its approach. UK PM Johnson’s spokesman said that the latest talks were “constructive,” and that the negotiation teams will remain in close touch. Still, it seems that the UK is set to leave the Union without a trade deal.

Gold prices remained mute around $1,900 a troy ounce, while crude oil price also held within familiar levels, with WTI near trading near $41.00 a barrel.

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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