Dollar steadies above 12-week low in holiday-thin trade

Economies.com
2020-11-26 12:52PM UTC

The US dollar rose on Thursday, consolidating above the 12-week low that was hit earlier today while on track for the first daily gain in 3 days, amid calm trading due to the Thanksgiving holiday.

 

The dollar index rose 0.25% to 92.17 points, after opening at 91.94 points, and hitting an intraday low and the lowest since September 1st at 91.84 points.

 

The index lost 0.25% yesterday, posting its second daily loss in a row due to improved risk appetite.

 

The greenback rose on Thursday in a breather, but trading remained calm due to the Thanksgiving holiday in the US.

 

So far during this week, the US dollar index lost about 0.5%, heading for the second straight weekly loss, due to a drop in demand amid a strong market sentiment.

 

This comes due to successive positive data on the effectiveness of Covid-19 vaccines, and the latest of which is AstraZeneca's vaccine.

 

Concerns eased about a smooth transition of power in the US after the US President-elect Joe Biden welcomed the outgoing President Donald Trump's decision to take the necessary measures to transfer power.

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