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


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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