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Dollar Falls and Sterling is Up

December 14, 2020
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European markets opened today with the USD falling and the GBP rising. This was due to progress on COVID-19 vaccines lifting risk appetite and Britain and the European Union’s agreement to carry on with Brexit negotiations, respectively.

On Sunday, the first shipments of a COVID-19 vaccine were sent to distribution centers throughout the United States. While this move, along with increased talked about a U.S. fiscal stimulus package, raised hopes for a swift recovery, the Dollar nevertheless started the week on the lower end due to lingering risk concerns. Overall, the Dollar was down around 0.2% at only 90.621. This short positioning is the highest the Dollar has witnessed since late September. However, many experts believe that a potential $908 billion bipartisan COVID-19 relief plan, which could be introduced as early as Monday, will significantly improve the Dollar’s value.

On the other hand, Brexit negotiations command market attention, as seen by the Sterling going up by 1.2% against the Dollar and 0.9% against the Euro. This is notable as both Britain and the E.U. agreed to continue with Brexit talks despite the expiry of another self-imposed deadline on Sunday. As an implied deal is on the horizon, many expect the GBP to rally in response. Elsewhere, the Euro rose around 0.3% versus the Dollar, despite Europe’s increased restrictions on activity. The risky Australian and New Zealand dollars were also up by 0.4% versus the Dollar. China’s Yuan also rose against the Dollar by 0.3% despite its central bank’s attempt to reduce capital inflows. Overall, market participants will most likely focus on a series of central bank meetings to maintain a strong commitment to stimulus plans into the next year, which will keep the U.S. Dollar on a weaker footing as we advance.

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Tags: currenciesDollarEURGBPPoundriseSterlingUSD

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Disclaimer: All content, posts, articles, pictures, links, and information published here and throughout LegacyFX’s Blog are for informational purposes only and do not constitute an official opinion or call-to-action by LegacyFX. Opinions and information presented here may not coincide with other market reports and experts. Nothing presented should be construde as investment advice, recommendation, or suggestion to perform an actions with a financial instruments. The company carries zero influence over any markets and signals. Therefore, the company cannot be held liable for nor guarantee any profits or losses.

All content rights reserved. When copying or republishing the materials presented here, a link to blog.legacyfx.com or attribution in the format of "Provided by LegacyFX Blog" is required. Failure to comply with this rule may result in legal action. For general questions, please contact us via the form on the "Contact Us" page.