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October 26, 2020
USD gained on Monday, rising for a second straight session, bolstered by safe haven bids amid surging coronavirus cases as well as a lack of progress on a stimulus package. On the stimulus front, US House Speaker Nancy Pelosi said she expects a White House response on Monday to the latest relief plan, but there is little evidence a deal is close. Sticking points remain around aid for state and local governments grappling with the devastating economic fallout of the pandemic and provisions around immigration and healthcare. 10/26/2020 - 05:49AM (RTTNews)
Euro traded at 1.1810 against USD at 9:00 am PST.
The German economic recovery is likely to continue in the current quarter, albeit at a much slower pace, Bundesbank said economic output is likely to have risen sharply in Q3. GDP could have made up for a little more than half of the drastic slump in the first half of the year, Bundesbank observed. Nevertheless, around 5% are still missing compared to the pre-crisis level from the Q4 2019. The experts assumed that economic output will only increase comparatively little in the current quarter. 10/26/2020 - 05:36AM (RTTNews)
Spain's producer prices continued to fall in September, albeit at a slower pace, data from the statistical office INE showed Monday. Producer prices declined 3.3% YoY in September, slower than the 3.5% decrease seen in August. On a monthly basis, producer prices grew 0.3%, reversing a 0.2% drop in the previous month. Among sub-groups, energy prices showed the biggest annual fall of 10% in September. Prices of intermediate goods dropped 1.6%. Meanwhile, prices of capital and consumer goods climbed 0.9% and 0.6%, respectively. 10/26/2020 - 04:16AM (RTTNews)
British Pound traded at 1.3003 against USD at 9:00 am PST.
GBP was subdued against a stronger USD on Monday. GBP took some support from signs of progress in Brexit trade talks. UK said on Monday that time was very short to bridge the significant remaining gaps on key issues in talks with the EU. After a brief hiatus when UK walked away from the negotiating table, both sides are now meeting daily to try to find common ground. At stake is the smooth flow of cross-border trade as well as the harder-to-quantify damage that a chaotic exit would do to areas such as security information sharing and research and development cooperation. The EU’s negotiator, Michel Barnier, will be in UK until Wednesday, after which negotiations will switch to Brussels. Although UK insists it can prosper without a deal, UK companies are facing a wall of bureaucracy that threatens chaos at the border if they want to sell into the world’s biggest trading bloc when life after Brexit begins on Jan. 1. News that a vaccine being developed by British drug maker AstraZeneca and the University of Oxford produced an immune response in elderly and young people failed to bolster market sentiment. 10/26/2020 - 02:52AM (RTTNews)
This market update is prepared by Cathay Bank for informational purposes only and does not constitute any form of legal, tax or investment advice, nor should it be considered an assurance or guarantee of future exchange rate movements or trends. This information is provided without regard to the specific objectives, financial situations or needs of any recipient. Cathay Bank does not make any representations or warranties about the accuracy, completeness or adequacy of this market update.
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