Lack of U.S. Stimulus Hurts Dollar – 12 August, 2020

The U.S. dollar dipped against major competitors due to the political parties inability to come to an agreement over an additional stimulus package. Against the euro, the dollar added to a 0.4% decline from the previous session to $1.1813. The pound rose 0.25% to $1.3067, and the greenback fell 0.2% against the Swiss franc to 0.9105. Better than expected Australian jobs data helped the Aussie rise 0.2% to $0.7174, offsetting the news of a recent rise in coronavirus cases in the country.  Against the yen, the dollar was just below a three week high of 106.65. The onshore yuan reached a five month high before settling at 6.9380 per dollar, and the New Zealand dollar last stood at $0.6581. The dollar index dipped 0.2% against a basket of major currencies but managed to hold above the two year low it reached last week.