XE Market Analysis: Europe – Oct 08, 2020

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The dollar has traded softer, inversely correlating with rallying stock markets on Wall Street. S&P 500 E-minis are up 0.7%, while the cash version of the index closed yesterday with a 1.7% gain. Progress in the piecemeal approach to pandemic support packages in the U.S. along with positive news from the Covid vaccine and treatment front have lifted investor spirits. The USD index (DXY) posted a two-day low at 93.50. EUR-USD lifted, but has remained just shy of yesterday’s high at 1.1783, while Cable printed a two-day peak at 1.2956.