A nascent rebound in the dollar paused on Tuesday, as investors weighed mixed but encouraging economic data against slow progress toward a U.S. government spending package and another week of rising coronavirus deaths.
The yen also recovered some overnight losses to sit at 106.08 per dollar, as did Australian dollar, though it was 0.1% softer at $0.7117 ahead of a central bank meeting later on Tuesday. Chicago Fed President Charles Evans reiterated overnight that the next help for the virus-battered U.S. economy must come from fiscal policy. That is exactly where markets are focused, with investors now watching signs of progress in Washington.
But it came with a warning as output remains far below pre-virus levels and the employment index was below forecasts, at a still contractionary 44.3. The United States had a second straight week of slowing infections, but a fourth week in a row of rising deaths, a Reuters analysis found, as new hotspots emerge there and around the globe.
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