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Forex News: Dollar Drops As Trump Hints At Partial Stimulus

Dollar Drops As Trump Hints At Partial Stimulus

10/07/2020 - 05:47:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its most major opponents in early European trading on Wednesday, as U.S. President Donald Trump's backing for partial stimulus lifted risk sentiment.

Trump asked Congress to approve paycheck protection and airline support, despite the rejection of Democrats' fiscal aid proposal.

"The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now," Trump tweeted.

Investors are also pinning hopes that the Fed will consider more accommodation to keep the economic recovery on track.

The minutes from the Fed's September meeting will be published at 2 pm ET.

The U.S. Vice presidential debate between Mike Pence and Senator Kamala Harris also remain in the spotlight.

The greenback dropped to 1.2930 against the pound, from a 5-day high of 1.2865 set at 5:00 pm ET. The greenback is poised to challenge support around the 1.31 mark.

Data from the Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house prices increased at the fastest pace in more than four years in September.

House prices grew 7.3 percent on a yearly basis in three months to September, following a 5.2 percent rise in three months to August.

After climbing to a 2-day high of 1.1725 at 10:00 pm ET, the greenback eased off to 1.1767 against the euro. Next key support for the greenback is likely located around the 1.20 level.

Data from Destatis showed that German industrial production declined unexpectedly in August.

Industrial production dropped 0.2 percent on a monthly basis in August, in contrast to a 1.4 percent rise posted in July. Economists had forecast an increase of 1.5 percent.

The greenback pulled back from a 2-day high of 0.9185 against the franc, with the pair trading at 0.9160. The next immediate support for the greenback is seen around the 0.90 level

The greenback retreated to 0.7146 against the aussie, 1.3287 versus the loonie and 0.6600 versus the kiwi, from an 8-day high of 0.7096, 1-week highs of 1.3341 and 0.6576, respectively seen in the Asian session. The dollar is seen finding support around 0.74 against the aussie, 1.29 versus the loonie and 0.68 versus the kiwi.

In contrast, the greenback rallied to 106.07 against the yen, its highest level since September 14. The greenback is likely to face resistance around the 108.00 region, if it gains again.

Looking ahead, Canada Ivey PMI for September and U.S. consumer credit for August are set for release in the New York session.

The Fed minutes from the September 15-16 meeting will be released at 2:00 pm ET.

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