XE Market Analysis: Asia – Aug 04, 2020

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The Dollar attempted to rally early in the session on Tuesday, though it quickly turned lower through the remainder of the session. The DXY fell from early highs of 93.83, later bottoming at 93.34 in afternoon dealings. U.S. fiscal concerns appeared to be the driver of USD weakness. Chatter on the fiscal outlook stepped up last Friday as Fitch affirmed the U.S. AAA rating, though downgraded the outlook to negative. Incoming data today revealed a better June factory orders outcome, though there was little reaction.