Dollar falls as economic data offsets virus fears

27.10.2020 - Petr Mazaylo
Dollar falls as economic data offsets virus fears

The dollar nursed losses against most currencies on Tuesday as strong regional economic data offset fears about a second coronavirus wave in the United States and Europe.

Profits at Chinese industrial firms rose for a fifth consecutive month in September, while the South Korean economy drastically improved.

This development boosted the yuan and lifted the Korean won to a near seven-month peak. It also slashed the dollar’s gains in the previous session, pushing the dollar index 0.1% lower.

Movements in currency markets are limited as wariness grows ahead of the U.S. presidential election. Data showed that long bets on the yen fell for a fourth straight week last week as traders increased stakes on a Biden win. 

Elsewhere, the Taiwan dollar rose 1% to a more than nine-year high. The Turkish lira fell to a record low on Monday due to geopolitical concerns and a sudden announcement from its central bank on keeping its policy rates on hold. 

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