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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