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Dollar Recovered Some Losses, Gold Declined From Peak As Investors Have Taken Some Profits

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Asian Stocks traded mostly higher on Tuesday after Pfizer Inc. and BioNTech announced yesterday that they started late-stage human trials of their COVID-19 vaccine candidate. Meanwhile, United States President Donald Trump revealed that the government signed a $265 million contract with Fujifilm Texas A&M Innovation Center, aimed to boost its vaccine production capacities.

Gold prices declined from record peaks, as investors have taken some profits, helping the dollar to rise from 2-year lows. Spot gold eased to $1,923 per ounce, having hit an all time high of $1,981.35 earlier.

FX Markets :

The dollar index (USD) rebounded from 2-year lows amid hopes of stimulus extension as U.S. Senate Republicans raced to complete details of a $1 trillion coronavirus aid proposal before enhanced unemployment benefits expire on Friday. The dollar index traded 0.2% higher at 93.84, after touched a low of 93.48 on Monday, its lowest since June 2018.

The Euro (EUR) eased on profit taking after rising to a near 2-year peak in the previous session on the 750 billion euro fund that European Union leaders agreed last week. EUR/USD traded 0.1% lower at 1.1731, after touched a high of 1.1781 on Monday, its highest since September 2018. Investors’ attention will remain on a series of data from Eurozone economies, ahead of the U.S. consumer confidence and Richmond Fed Manufacturing Index.

USD/JPY soared after slumping to an over 4-month trough in the prior session as the Federal Reserve is expected to reiterate that it will keep rates near zero for years to come when it concludes its two-day policy meeting on Wednesday. The pair was trading 0.2% higher at 105.54, after hit a low of 105.11 earlier, its lowest since March 13. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. consumer confidence and Richmond Fed Manufacturing Index.

Pound UK (GBP) slumped after rising to a 4-1/2 month high earlier in the session, as investors focused on the uncertainty over Brexit and Britain’s economic prospects. Britain and the European Union discussed last week the chances of securing a free trade agreement, with Brussels deeming it unlikely but London hoping that one could be reached in September. GBP/USD traded 0.1% lower at 1.2863, after hit a high of 1.2904 earlier, it’s highest since March 11. Investors’ attention will remain on the geopolitical developments, ahead of the U.S. fundamental drivers.

The Australian dollar (AUD) eased from a near 1-week peak as the greenback steadied across the board. AUD/USD traded 0.2% lower at 0.7137, after hit a high of 0.7177 earlier, it’s highest since July 22. Investors will continue to track overall market sentiment, ahead of U.S. economic releases.

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