Asian shares held to tight ranges on Monday, as did currencies, as investors awaited developments on U.S. fiscal stimulus and coronavirus vaccines amid a resurgence of infections in Europe.
"Attention is turning back to negotiations on supplementary fiscal stimulus and the forthcoming U.S. election," ANZ analysts wrote in a note.Coronavirus cases have now surpassed 30 million, casting a gloomy pall over prospects of a V-shaped economic recovery. "Where is the inspiration for the equity bulls, I ask? We have diminishing prospects of fiscal stimulus, crazy valuations and a firm focus on an ugly U.S. election and COVID shutdowns, which suggest short-term risks for equities," said Pepperstone strategist Chris Weston.
The euro was up 0.1per cent on the day at US$1.1845 and has lost 0.76per cent in a month, while the risk sensitive Australian dollar was flat at US$0.7289.That left dollar index , which tracks the greenback against a basket of six major rivals, barely changed at 92.956.
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