British Pound Futures Market News and Commentary
The dollar index (DXY00) on Friday rose +0.217 (+0.23%). Dec euro-fx futures (E6Z0) closed down -0.0044 (-0.38%), and EUR/USD (^EURUSD) fell -0.00043 (-0.37%). Dec yen futures (J6Z0) closed down -0.0017 (-0.17%), and USD/JPY (^USDJPY) rose +0.19 (+0.18%).
The dollar index on Friday climbed to a new 2-month high. The dollar found support Friday on weakness in EUR/USD, which fell to a 2-month low on dovish ECB comments along with concern a surge of Covid infections in Europe may lead to lockdowns that curtail economic growth. USD/JPY moved higher Friday as a rally in stocks reduced the safe-haven demand for the yen.
Doubts that Congress will pass a new stimulus bill and political uncertainty ahead of the November 3 election are negative factors for the dollar. House Speaker Pelosi directed her committees to compile a $2.4 trillion pandemic stimulus bill that the House may vote to approve next week. Speaker Pelosi and Treasury Secretary Mnuchin on Thursday indicated that... Read more