for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

FOREX-Dollar higher as markets wait on stimulus news

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

 (Adds details, updates prices; previous LONDON)
    By Karen Brettell
    NEW YORK, Oct 8 (Reuters) - The U.S. dollar edged higher against a basket of currencies on Thursday,
but held in its recent range as investors waited for fresh news on whether new U.S. fiscal stimulus is
likely in the near term.
    The greenback has been whipsawed by swings in risk sentiment after U.S. President Donald Trump on
Tuesday halted negotiations with Democrats on a new economic package but later pushed for the approval of
more targeted stimulus bills to offset economic damage from the coronavirus.
    There was little new information on Thursday to move the dollar strongly in either direction.
    “We’re just really consolidating, I think the market right now lacks near-term conviction, partly
because of uncertainty about U.S. fiscal policy, and sensitivity to these U.S. presidential tweets,” said
Marc Chandler, chief market strategist at Bannockburn Global Forex in New York. “There’s no new news to
shake things up one way or another.”
    The dollar index gained 0.12% against a basket of major currencies to 93.73. It has fallen from
a two-month high of 94.75 on Sept. 25.
    The greenback was little changed against the Japanese yen at 105.97 yen, while the euro
fell 0.17% to $1.1740.
    The dollar index has also weakened in the past two weeks on bets that Democrat presidential candidate
Joe Biden is more likely to win the Nov. 3 U.S. election, and that Democrats could also win the Senate.
    A Democratic sweep would make larger fiscal stimulus more likely, which would weaken the U.S.
currency.
    "Overall, investors seem to be focusing more on the increasing odds of a Biden win and what that might
imply for a stimulus package after the election," said Marshall Gittler, head of investment research at
BDSwiss.
    The New Zealand dollar dropped as much as half a percent after central bank officials again
hinted that negative interest rates are possible. It was last down 0.06% at $0.6575.
    Sterling traded 0.10% lower at $1.2905 as uncertainty about Britain's exit from the European
Union weighed on the currency.
    Prime Minister Boris Johnson is prepared to fully leave the EU without a deal when the Brexit
transition period ends, his spokesman said on Thursday, but the British leader still believes there is a
deal to be done.
    
    ========================================================
    Currency bid prices at 9:35AM (1335 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1740        $1.1760     -0.17%         +4.73%      +1.1781     +1.1734
 Dollar/Yen       JPY=        105.9700       105.9600    +0.01%         -2.65%      +106.1000   +105.9300
 Euro/Yen         EURJPY=     124.43         124.63      -0.16%         +2.03%      +124.8700   +124.3800
 Dollar/Swiss     CHF=        0.9193         0.9172      +0.23%         -5.01%      +0.9196     +0.9158
 Sterling/Dollar  GBP=        1.2905         1.2918      -0.10%         -2.67%      +1.2970     +1.2892
 Dollar/Canadian  CAD=        1.3238         1.3253      -0.11%         +1.94%      +1.3269     +1.3229
 Australian/Doll  AUD=        0.7157         0.7138      +0.27%         +1.94%      +0.7170     +0.7124
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.0795         1.0789      +0.06%         -0.53%      +1.0800     +1.0782
 Euro/Sterling    EURGBP=     0.9094         0.9102      -0.09%         +7.57%      +0.9123     +0.9071
 NZ               NZD=        0.6575         0.6579      -0.06%         -2.39%      +0.6596     +0.6548
 Dollar/Dollar                                                                                  
 Dollar/Norway    NOK=        9.2636         9.3016      -0.41%         +5.53%      +9.3085     +9.2586
 Euro/Norway      EURNOK=     10.8770        10.9430     -0.60%         +10.56%     +10.9588    +10.8788
 Dollar/Sweden    SEK=        8.8728         8.8743      -0.32%         -5.08%      +8.8902     +8.8586
 Euro/Sweden      EURSEK=     10.4178        10.4517     -0.32%         -0.49%      +10.4595    +10.4180
 

 (Additional reporting by Ritvik Carvalho in London)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up