Forex

Dollar Dips After the Rise in Recovery Prospects

Dollar dips after the rise in recovery prospects

In the ever-volatile forex market, the dollar price once again slipped, touching the week’s low on Thursday on the backdrop of the US fiscal stimulus and the strong US data. These pieces of information boosted investors to take a chance in riskier currencies compared to the greenback. 

Talking to the media, Steven Mnuchin, US Treasury Secretary, told that COVID-19 relief package made significant progress after speaking with Nancy Pelosi, House Speaker. 

The robust manufacturing and labour data of the US helped rallying the stocks putting up a dent on the dollar index that went down to 93.664 (compared to the currencies’ basket). 

Interestingly, on the contrary, in the Asian market, the New Zealand dollar spiked its gains to $0.6623, which is the week’s high. Meanwhile, the Australian dollar extended its profits to $0.7170, managing a jump of 0.1 per cent.

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