Dec 30, 2020 13:12 GMTFXStreet News
USD/CAD extends the slide into third straight day.
US Dollar Index drops to multi-year lows below 90.
WTI climbs to fresh daily highs above $48 ahead of EIA report.
After closing the first two days of the week in the negative territory, the USD/CAD continues to push lower on Wednesday and was last seen trading at its lowest level since May 2018 at 1.2770, losing 0.36% on the day.
Risk flows hurt USD, lift WTI
The unabated selling pressure surrounding the greenback and a stronger loonie on the back of rising crude oil prices keep the bearish momentum intact.
Supported by the optimism for a steady recovery in energy demand amid coronavirus vaccine rollout, the barrel of West Texas Intermediate (WTI) is gaining 0.8% on the day at $48.45 ahead of the weekly EIA Crude Oil Stocks Change data.
EUR/USD Exchange Rate Heads Higher as US Stimulus Hopes Weaken US Dollar
The Euro to US Dollar (EUR/USD) exchange rate rose to rose today, with the pairing currently trading around $1.227.
The Euro (EUR) rose against the US Dollar today as US stimulus hopes have limited demand for the safe haven ‘Greenback’.
Despite the delay in the US Senate’s vote on the increased stimulus relief checks, global markets are more optimistic that the pandemic relief programme will be accepted in the coming weeks.
Nonetheless, senior Republican Representative, Kevin Brady, was sceptical about the new stimulus, saying:
‘For me, I worry that this whopping $463bn won’t do what’s needed – stimulate the economy, or get the jobless back to work.’
Dec 29, 2020 18:42 GMTFXStreet News
AUD/USD continues to push higher during the American session.
US Dollar Index slumps below 90.00 in the second half of the day.
The AUD/USD pair stayed relatively quiet around 0.7600 during the European trading hours but started to edge higher in the American session with the greenback staying under bearish pressure. As of writing, the pair was trading at its highest level in 10 days at 0.7624, gaining 0.63% on a daily basis.
USD selloff remains intact
Amid a lack of significant fundamental drivers and macroeconomic data releases, investors don’t seem to be finding a reason to stop selling the USD. The US Dollar Index, which tracks the greenback’s performance against a basket of six major currencies, is closing on the multi-year low it set at 89.73 on December 17 and was last seen losing 0.42% at 89.96.
Order Reprints Illustration by Elias Stein
QuantumScape’s amazing rise continued this past week, like a gift from a market Santa. Shares of the electric-vehicle battery maker closed at $131.67, up another 39% after rallying 29% on Monday. The stock gained almost 70% over one week, and 390% since going public in late November.
On Tuesday, Quantum stock was worth $59 billion, based on fully diluted 448 million pro forma shares outstanding. The company passed rivals, including LG Chem, Samsung SDI, and Panasonic, in market value. One exception: China’s Contemporary Amperex.
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QuantumScape’s amazing rise continued this past week, like a gift from a market Santa.