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Dollar ticks up after Trump/Biden debate

Wednesday,   30-Sep-2020   02:14 PM (IST)

The dollar ticked up in Europe on Wednesday, recovering some losses after a two-day fall, as traders assessed a debate between President Donald Trump and his challenger, Joe Biden. The dollar index against a basket of currencies crept above the 94 mark, after two days of losses that followed the dollar reaching a two-month high last week. U.S. stocks futures and European stocks traded lower hours after the debate, marked by Trump’s repeated interruptions in a chaotic encounter in which the candidates battled over the president’s leadership on the coronavirus pandemic, the economy and taxes. Traders also focussed on a U.S. fiscal stimulus packaged to cushion the coronavirus blow. The euro lost 0.18% against the dollar at $1.1722. Economic indicators have recently painted an uneven picture of the economic recovery in Europe, but the morning data were generally positive. German retail sales rose more than expected in August, raising hopes that household spending will power a recovery in the third quarter from the coronavirus shock. The dollar rose 0.28% against the Swiss franc at 0.9218 franc, after falling as low as 0.9191 franc overnight. Switzerland’s KOF leading indicator hit a 10-year high in September, rising for the fourth time in a row as the economy extended its recovery from the coronavirus. China’s yuan held steady even after twin surveys showed strong factory activity growth, which backed recent signs of a rebound in broad sectors of the world’s second-biggest economy.