Mon. Sep 21st, 2020

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Dollar gains as traders trim short bets

1 min read

The dollar clung to overnight gains on Thursday, as investors trimmed bets against the greenback and sold the euro on concerns that the European Central Bank was worried about its rise.

The bounce has lifted the greenback about 1% above the 28-month low it hit against a basket of currencies on Tuesday and brought its first back-to-back daily gains since June.

Few analysts expect it to hold for too long but it was steady in morning trade, inching about 0.1% firmer on the Australian dollar, kiwi, euro and pound as investors position themselves ahead of U.S. jobs data due on Friday.
The drop in the euro extended its retreat from the $1.20 mark, which had begun on Tuesday after the ECB’s chief economist Philip Lane said the euro-dollar rate “does matter” for monetary policy – suggesting the bank might do something about it.
The value of euro longs stood at a record high last week.

The euro was last at $1.1836, having fallen half a percent overnight, and it made a fresh three-month low of 88.71 pence. The pound slipped to $1.3338, but was above an overnight trough of $1.3284.

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