US dollar tries to keep rally alive in a short market | Malay Mail

📆 10/08/2020 06:26:00
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SYDNEY, Aug 10 — The US dollar was trying to keep a rare rally together today as its longest losing streak in a decade left much of the market structurally short of the currency and vulnerable to a squeeze on any upbeat news. Bears were caught out by a better payrolls report on Friday, which...

Against a basket of currencies, the US dollar was a fraction firmer and just above a two-year trough. ― Reuters pic

“Our portfolio has been positioned for a number of weeks now for a narrowly weaker USD as a consequence of the independent surge in Covid-19 infections in the US that has opened up a decent gap in near-term economic performance, especially against Europe,” said analysts at JPMorgan in a note. Turnover was light with Tokyo on a holiday and considerable uncertainty on whether US policymakers can agree a new package of fiscal support for the virus-hit economy.

The US dollar was a little steadier on the yen at 105.89 , well above the recent low of 104.17 but facing stiff resistance at 106.46.

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