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US dollar slips as traders monitor stimulus

New York : The US dollar weakened in late trading on Wednesday as market participants continued to look for clues on new stimulus.

The dollar index, which measures the greenback against six major peers, was down 0.16 per cent at 93.3865, Xinhua news agency reported.

In late New York trading, the euro was up to $1.1750 from $1.1744 in the previous session, and the British pound was up to $1.3023 from $1.2933 in the previous session. The Australian dollar increased to $0.7166 from $0.7153.

The US dollar bought 105.10 Japanese yen, lower than 105.49 Japanese yen of the previous session. The US dollar decreased to 0.9131 Swiss franc from 0.9145 Swiss franc, and it was up to 1.3145 Canadian dollars from 1.3140 Canadian dollars.

Recent market moves have oscillated with the probability of substantial additional fiscal stimulus. An impasse among US lawmakers in Washington somewhat dimmed hopes that more Covid-19 relief aid would come to fruition before the election.

“It’s likely that markets will remain sensitive to news of fiscal support in the lead-up to the election,” analysts at UBS said in a note on Wednesday.

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