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Dollar hold gains for the second day

6 May 2020

The U.S. Dollar Index surged on Tuesday’s session against its major rivals as investors concerned as tensions between the United States and China were revived. The U.S. Dollar Index, which measures the power of the dollar against a bundle of six major currencies, closed Tuesday’s trading session at 99.82.

In Europe, the single currency dropped against the U.S. dollar after the German Constitutional Court ruled on ECB’s stimulus program introduced back in 2015. EURUSD ended the session at 1.08185.

According to Reuters, Germany’s highest court on Tuesday gave the European Central Bank three months to justify bond purchases under its flagship stimulus program or lose the Bundesbank as a participant, raising questions about the scheme and the euro’s future.

Moreover, Sterling slightly fell on Tuesday's session against the U.S. dollar amid of Brexit uncertainty. GBPUSD closed the session at 1.2433.

In Brexit space, worries are rising on Britain could leave the EU without a trade deal as the U.K. has insisted it would not seek to extend negotiations beyond the transition period, which ends on December 31st.

In the Safe-havens area, the Swiss Franc fell against the U.S. Dollar and ended the session at 0.97206 USDCHF. However, the Japanese Yen ended the session solid against the U.S. Dollar at 106.546 USDJPY.

Gold prices rose on Tuesday’s session to reach 1706.9 an ounce, as massive global stimulus measures to ease the economic blow from the coronavirus pandemic offset improved risk sentiment on the back of easing restrictions and lockdowns. (Reuters)

Cryptocurrencies were mixed on Tuesday, as Bitcoin closed the session higher at 8935.8 BTCUSD. However, Litecoin and Ethereum ended the session lower at 45.06 LTCUSD and 202.54 ETHUSD, respectively.



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