XE Market Analysis: Asia – Jul 15, 2020

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The Dollar was under some pressure early in the session on Wednesday, taking the DXY to one-month lows of 95.78. The USD’s weakness was again attributed to the risk-on backdrop, which saw stocks and yields head higher, prompting the unwinding of safe-haven long USD positions. The surge in risk-taking came following news that Moderna’s experimental COVID vaccine looks promising. Later, as stocks pared gains on the ramping up of U.S./China tensions, the dollar regained some ground, taking the DXY back to 96.11 highs. Incoming U.S.