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First Presidential Debate Fails to Move US Dollar

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.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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