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Dollar Shakes in Unstable Trade as Trump Signs the COVID-19 Aid Package

The USD shrugged amid the news that the U.S. President Donald Trump had signed a $2.3 trillion COVID-19 support package

The USD shrugged amid the news that the U.S. President Donald Trump had signed a $2.3 trillion COVID-19 support package on Monday with many investors on holiday.

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The GBP remained below a 2 1/2-year high in the Asian session amid the last week agreement of a Brexit trade deal that does not include Britain’s financial sector.

The dollar index remained stable at 90.224, continuing a three-day slip.

Sterling rose 0.1% to $1.3544, trading below the 2 1/2-year high of $1.3625 hit earlier this month.

Trump signed into law the $2.3 trillion COVID-19 support and spending package, preventing a total government lockdown.

Earlier he had tweeted: “Good news on Covid Relief Bill. Information to follow!”  Thus, the bill was signed despite Trump’s earlier threats not to sign the law if the amount of the stimulus checks won’t be raised to $2000 from the present $600. 

The euro decreased 0.1% to $1.2199 from the 2 1/2-year high of $1.2273 it reached during the month.

Meanwhile, Mitsuo Imaizumi, chief FX strategist at Daiwa Securities in Tokyo, assumes the pound and euro would reduce against the dollar, touching $1.30 and $1.15 by the end of the summer.

“Regardless of the Brexit deal, cable will be down,” he said.

“It’s “buy the rumour, sell the fact”.”

The dollar was little changed at 103.63 yen.

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