The Dollar notched new peaks in wake of July’s BLS data, but progress was rather laboured vs most G10 counterparts, bar the Swiss Franc, and the index has decreased at 93.700 after a stop-fuelled rally stopped short of challenging recent highs. Indeed, the DXY is back down below 93.500 vs last week’s 93.997 apex and several major rivals have pared declines as a result amidst the ongoing stalemate on further fiscal relief between President Trump’s Republicans and the Democratic Party. On that note, Treasury Secretary Mnuchin said there is room for some compromise, but a limit to the amount of borrow to combat the pandemic and it’s unreasonable for the White House to give USD 1 tln to state and local governments.
USD/CAD may now continue to fall within the weekly downtrend and form a new low.
USD/CAD may now continue to fall within the weekly downtrend and form a new low.