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US Dollar index falls as investors start moving their funds into the stock markets again


09.12.2020
US Dollar index falls as investors start moving their funds into the stock markets again

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.2750-1.2850

Euro                 1.5450-1.5550

Sterling            1.7150-1.7250

 

The US Dollar index is marginally weaker this morning as the Trump administration proposed a $960 Billion stimulus package that may have a chance of getting through Congress before the end of the year. On the vaccine front it looks like the Pfixer/BioNtech vaccine will be approved for use this week in the US with vaccinations starting shortly after. Investor confidence seems to be growing as large-scale vaccinations are starting to happen, money continues to move out of safe haven investments and into the stock markets pushing them higher and pushing the US Dollar weaker.

 

In the UK the Pound is a little higher as the Brexit negotiations go down to the wire, today it is a dinner meeting between Prime Minister Johnson and EU President Ursula Von Der Leyen that will try and break the impasse. Markets will be watching closely for any signs of progress after the meeting.

 

The Canadian Dollar is marginally stronger this morning with USD.CAD opening the day below the 1.2800 (0.7813) level as the market awaits the announcement from the Bank of Canada later this morning. I am not expecting any changes to either the interest rate or stimulus plan but we may see some volatility when they give an update on their outlook for the economy.

 



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