First Presidential Debate Fails to Move US Dollar
Arslan Butt • 1 min read
Early on Wednesday, the US dollar is trading mostly steady even as the first presidential debate of this election between President Donald Trump and Democrat Joe Biden began. At the time of writing, the US dollar index DXY is trading around 93.92.
Traders who were waiting on the sidelines until the debate concluded saw no impactful statements from either side worthy of causing moves in the greenback. The debate, marred by numerous interruptions, turned out to more chaotic than informative with no clear winner emerging and driving the dollar either way, as a result.
The US dollar, however, did come under pressure due to month and quarter ending currency flows. In addition, optimistic data releases from the US also weakened the currency’s safe haven appeal after consumer confidence registered a strong rebound during September.
Traders are also cautiously awaiting developments on the next coronavirus relief package before making a move on the US dollar. More discussions are likely to take place later today between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin towards finalizing a deal within this week.