The dollar, which has cratered about 10% since rising at 103.00, spreads its gains in September as investors leave the more widespread financial market selloff and seek shelter in a very traditional safe-haven asset.
The growing number of recent coronavirus diseases has melted away in danger of appetite. With the cold and flu season on the horizon, many investors are express concerns that a resurgence could put a scratch on the stock exchange rally, especially among the stock benchmark indexes. The U.S. is nearing seven million cases and 200,000 deaths. Thus, the nation is experiencing an uptick in cases after testifying a steep drop-off this month.
As the COVID-19 epidemic continues to frighten markets, the ownership arena is undergoing a sea of loss
The Dow Jones Industrial Average dropped over 800 points. The S&P 500 shed 2.2%, and also the Nasdaq Composite Index fell 1.3%. Even the energy and metal commodities are slipping: U.S. crude fell 4.2%, natural gas decreased 10%, gold plunged $50, and silver dropped 10%.
Congress losing the added coronavirus stimulus and aid package has also discouraged the new york stock market mood.
All eyes were on Federal Reserve System Chair Jerome Powell’s statement on Capitol Hill on Tuesday and today. The Federal Open Market Committee (FOMC) left interest rates maintained at near-zero prior week. It promised that it might hold rates low for a couple of more years. The U.S. central bank also formalized the new inflation program that might enable it to remain above the two target rate.
It has been calm on the data front to start the trading week. This week, home sales and prices, purchasing managers’ index (PMI) readings, and sturdy goods orders will be published.
The USD/CAD currency pair climbed yesterday 0.8% to 1.3312, from an opening of 1.3207, at 19:07 GMT on Monday this week. The EUR/USD fell 0.63% to 1.1767, from the start of 1.1840.