How did the dollar and gold move after Trump and Biden...

How did the dollar and gold move after Trump and Biden...
How did the dollar and gold move after Trump and Biden...
The price of the dollar rose in Europe, on Wednesday, to offset some of the losses it incurred, while gold fell, while dealers held the debate between US President Donald and his rival, Joe Biden.

The first debate between US President Donald Trump and his Democratic rival, Joe Biden, in the upcoming presidential election, included many mutual insults in a debate that many described as “hot.”

Futures for US stocks and European shares fell after hours of debate, which was marked by repeated boycotts by Trump in a chaotic confrontation in which the two candidates wrangled over the president’s leadership of the coronavirus pandemic, the economy and taxes.

Dollar

The dollar index, which tracks the performance of the greenback against a basket of currencies, moved above 94, after losses over two days that followed the dollar reaching its highest level in two months last week.

Traders are also focusing on a US fiscal stimulus package to cushion the impact of the coronavirus hit.

The euro lost 0.18% against the greenback, to $ 1.1722. The economic indicators recently painted a hazy picture of the economic recovery in Europe, but the morning data were generally positive.

The dollar rose 0.28% against the Swiss franc to 0.9218 francs, after falling to 0.9191 francs overnight.

The Chinese yuan stabilized after two surveys that showed strong growth in factory activities, which supported recent indications of recovery in sectors in general in the second largest economy in the world.

The yuan settled in foreign transactions at 6.8141 to a dollar.

Against the yen, the dollar settled at 105.56 yen, less than the two-week high of 105.74 it hit overnight.

gold

As for gold, it is heading towards recording the largest monthly decline in about 4 years, as the strong dollar pushed it to decline with the return of caution to the markets after the presidential debate.

Spot gold fell 0.6% to $ 1885.81 an ounce by 0618 GMT, down 4.3% since the beginning of this month, in what will be the worst monthly performance since November 2016.

US gold futures fell 0.5% to $ 1893.30.

The dollar index rose 0.1% and is on track for its biggest monthly gain since July 2019, which increases the cost of gold to holders of other currencies.

“The dollar’s gains following the debate thwarted gold’s latest attempt to reach the psychologically important level of $ 1900,” said Han Tan, market analyst at FXTM, adding that the currency is the current preferred safe-haven asset for investors.

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