Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Dollar Down, Resisting Big Moves Ahead of U.S. Presidential Debate

ForexSep 27, 2020 10:06PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Gina Lee – The dollar was down on Monday morning in Asia, with a lack of big moves ahead of the U.S. presidential debate on Tuesday and the release of U.S. economic data later in the week.

Although boosted by a rebound in U.S. stocks during Friday’s session and hovering near a two-month peak, signs of a stall in the U.S. economic recovery and the continuous political uncertainty in the run up to the country’s November’s presidential election capped gains.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.04% to 94.588 by 10 PM ET (2 AM GMT). The dollar hit a two-month high during the previous week, the biggest weekly rise since early April.

The USD/JPY pair edged down 0.14% to 105.45.

The AUD/USD pair was up 0.37% to 0.7053 and the NZD/USD pair edged up 0.20% to 0.6555.

The USD/CNY pair inched up 0.01% to 6.8213 and the GBP/USD pair edged up 0.15% to 1.2765.

With November’s election drawing closer, investors will be looking to the first presidential debate scheduled for Tuesday amid the uncertainty.

“Few people will be trying to bet on the election outcome. At least they will wait until tomorrow’s TV debate,” Societe Generale (OTC:SCGLY) director of FOREX Kyosuke Suzuki told Reuters.

Although hopes for the U.S. Congress to pass the latest stimulus measures before the election are dimming, House Speaker Nancy Pelosi, expressed hope on Sunday that a deal can be reached as talks continue between the Democrats and the Republicans.

Investors are also looking to the week's U.S. data, including September’s Conference Board (CB) consumer confidence index on Tuesday and the Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) on Thursday, which are expected to show a slowdown in the recovery as many of the stimulus measures have expired, cutting consumer spending.

In other data news, Friday’s data on U.S. currency futures positions released by the U.S. Commodity Futures Trading Commission on Friday showed investors holding a big net short position of $33.989 billion in the dollar.

Although the amount was up from the previous week’s $31.524 billion, and near the highest level in almost ten years, the data also showed a large net long position in the euro, which increased slightly during the previous week to $27.922 billion.

“We need to be wary of a weaker euro due to further unwinding of euro long positions. We have no shortage of concerns in Europe, including the rise of COVID-19 infections in France and so on, attempts by European Central Bank policymakers to talk down the euro and Brexit,” SMBC Nikko Securities chief currency strategist Makoto Noji said in a note.

Dollar Down, Resisting Big Moves Ahead of U.S. Presidential Debate

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email