Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Dollar rises vs risky currencies as coronavirus surges, US stimulus hope fades

10/26/2020 | 03:56am EST

* Nokkie, Aussie dollar biggest losers in G10 space

* British pound gives back earlier gains vs dollar

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

LONDON, Oct 26 (Reuters) - The dollar gained on Monday, as surging coronavirus cases in Europe and the United States and a lack of progress on a U.S. stimulus package made traders cautious.

U.S. House Speaker Nancy Pelosi said on Sunday that she expected a White House response on Monday to the latest stimulus plan, but there is little evidence a deal is close.

The United States has recorded its highest number of new COVID-19 cases for two consecutive days. So has France. Spain announced a new state of emergency and Italy has ordered restaurants and bars to shut by 6 p.m.

Media reports that the Oxford/AstraZeneca vaccine has proved successful in elderly people and that staff at a major British hospital were told to prepare for a vaccine as early as next month failed to bolster sentiment.

Stephen Innes, chief global market strategist at broker Axi, said hopes for a vaccine prevented markets crashing on Monday.

"Fortunately, there are several vaccines in the pipeline, or we could have been looking at a pretty significant market reset this morning with Covid-19 flash points flaring up in virtually every corner of the globe this weekend," he said.

An index tracking the U.S. dollar against a basket of currencies was last up 0.2% at 92.95. Euro/dollar - the most traded currency pair and part of the index - fell 0.3% at 1.1831.

The dollar also rose 0.1% against the Japanese yen at 104.87 .

The biggest losers among major currencies were the Norwegian crown and the Australian dollar, which last week enjoyed hefty returns as traders took on more risk.

The Aussie dollar was last down 0.3% at 0.7118. The Nokkie was falling 0.9% at 9.3015 against the dollar and by 0.7% at 11.0050 versus the euro, having hit earlier a three-week low of 11.0190.

Norway is also due to announce stricter measures this week to limit the spread of the coronavirus following increases in the number of cases.

Traders will be watching for the German Ifo business survey at 0800 GMT. Current conditions are expected to have improved, according to economists polled by Reuters.

Elsewhere, the British pound lost ground in early trading, falling 0.3% to $1.2995 but was stable versus the euro at 91 pence.

The Chinese yuan was down 0.4% against the U.S. dollar at 6.6907 in the offshore market as the Chinese government began discussions on its next five-year plan.

(Reporting by Olga Cotaga)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.06% 0.95788 Delayed Quote.4.81%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.23% 77.246 Delayed Quote.0.96%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) 0.25% 1.05131 Delayed Quote.0.02%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.05% 0.66304 Delayed Quote.-2.08%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.38% 0.74405 Delayed Quote.5.20%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) 0.56% 1.81318 Delayed Quote.-3.79%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) -0.08% 1.63262 Delayed Quote.2.36%
EURO / BRITISH POUND (EUR/GBP) -0.62% 0.90034 Delayed Quote.6.36%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.10% 6.53406 Delayed Quote.-5.89%
Latest news "Economy & Forex"
12:43pHapless holidays? U.S. data suggest hit to 'Main Street' hiring
12:41pNOBLE MIDSTREAM PARTNERS LP : Reports Third-Quarter 2020 Results
12:40pCanada medical official expects decision on pfizer's coronavirus vaccines to be positive - deputy chief medical officer
12:30pKazakhstan confirms OPEC+ agrees on oil output rise by 0.5 million bpd in Jan
12:30pU.S. appeals court skeptical of ending cap on state and local tax deductions
12:29pProgress on fishing in EU/UK trade talks, says Sky News reporter citing EU sources
12:26pVitol unit enters deferred prosecution agreement with U.S. govt
12:26pVitol inc agreed to be charged with two counts for violation of foreign corruption practices act - u.s. prosecutor
12:26pU.S. Senate confirms Waller to Fed's Board of Governors
12:26pSenate Confirms Fed Economist Christopher Waller to Board Seat
Latest news "Economy & Forex"