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Thursday, December 3, 2020

The Pressure Of The Forex Grows On The US Dollar As Vaccines Get Tested

The US dollar has hit its lowest this week as the Forex- pressure increases with the economic restrictions that are going on in Europe and the United States regarding the trials of the vaccine. The US Commerce Department has released a report on retail sales.  The department showed that decelerated spending even when the country is going through seasons of high shopping rates. This is happening amidst the situation where there is no new fiscal relief from Washington. The US dollars have hit this figure after the 9th of November.

US Dollar Value Development

The USD value had reached figure 92.250. The experts are saying that the US Retail Sales has been delivering a disappointing performance because of the COVID-19 situation that is going on. The experts are saying that the Federal Reserve meeting that could go on in December could further add to the pressure on the price of the US dollar in the coming year, 2021. The senior analysts are strongly claiming that the country is going through a very difficult time financially and the economic situation does not show any signs of improvements anytime soon. 

US Dollar
US Dollar
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Bitcoin meanwhile is being treated as a haven asset for quite some time now. It is at least working as a hedge against the enormous inflation of the market. The leading cryptocurrency has surged handsomely reaching the figure of $18,000 and beyond. This is quite a remarkable situation because this value has created a milestone. This kind of situation has been created almost after three long years. 

Amid all these uncertain times that are going on due to this COVID-19 pandemic. The complete or even partial recovery of the global market seems like a very faraway dream now. However, the yen from Japan has seen a rise in its value for a week. The JPY has returned to its values from the 9th of November. There had been a notable amount of loss that was faced by the yen when Pfizer had claimed that they are almost ready with the vaccine for COVID-19 that could bring relief to millions around the world. 

The problem that is going on over the EURO might get resolved in the physical meeting that is going to be held in December at the closing of this difficult year. It is being expected that both the countries are going to come to a strategic settlement that will not cause any kind of face loss for either of them. Nevertheless, it is quite clear now the growth of the FOREX-pressure is doing absolutely no good to the US dollar.

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