The dollar is holding onto its gains amid growing uncertainty about US fiscal stimulus and the potential for a breakdown in Brexit talks. Surging eurozone cases are also weighing on sentiment and US consumption data are eyed ahead of the weekend.
Eurozone coronavirus cases continue rising with several countries and regions tightening restrictions in a bid to halt the spread. Paris and other cities will come under a night-time curfew. The recent spikes are weighing on the euro and on global markets.
The EUR/USD pair is trading around 1.17, consolidating Thursday’s losses.
The USD/JPY pair edged down 0.15% to 105.30. However, the safe-have yen recorded a 0.2% rise for the week.
The GBP/USD pair edged down 0.20% to 1.2885. Roadblocks between the European Union and the U.K. as they negotiate their Brexit divorce deal saw heavy selling in the pound overnight.
Gold has been edging higher, topping the $1,900 level while Oil prices slid on Friday dragged down by concerns that a spike in COVID-19 cases in Europe and the United States is curtailing demand.
Market participants now look forward to the final version of the Eurozone consumer inflation figures. Later during the early North American session, the release of the US Retail Sales data comes at 12:30 GMT followed by the release of Industrial Production data and the preliminary estimate of the October Michigan Consumer Sentiment Index.
US Dollar Hold on to gains – US retail sales Ahead
Published on 2020-10-16 07:37
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