Tag: usd market

US Dollar Slides to 31-month Lows

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There was further optimism over the 2021 global growth outlook with on-going expectations that there would be positive developments surrounding coronavirus vaccines.

These positive expectations offset unease over near-term developments and there was also evidence that the infections rates in Europe were peaking which underpinned sentiment. Markets expected very supportive monetary policies to be sustained and hopes for near-term US fiscal stimulus also increased.

Although President Trump made no concession, there was a move to transition for Vice-President Biden’s team which helped underpin confidence. Overall risk appetite remained strong which boosted demand for pro-risk assets such as commodity currencies.

The US dollar lost ground as investors moved towards other assets and the dollar also lost ground as defensive demand declined. The US currency was also undermined by expectations of a sustained lack of yield support next year. In this environment, the US dollar declined to 31-month lows.

The dollar overall is likely to remain vulnerable with further net losses, although with the potential for a significant correction at times from over-sold conditions.

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