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Asian Shares Traded Higher, AUD Benefited Amid Hopes US Fiscal Stimulus

Xero Capital Markets Ltd.

Asian stocks traded higher amid optimism sparked by the recent developments in the negotiations between the two main political parties in the United States on the fourth installment of the coronavirus relief package.

Crude oil prices surged as the White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus relief package that could boost fuel demand as President Donald Trump said he was willing to accept a large aid bill.

Gold prices jumped as optimism that U.S. lawmakers could reach agreement on a pre-election coronavirus relief package weighed on the dollar.

FX Markets

The dollar index (USD) traded lower as investors awaited the outcome of the US fiscal stimulus.

The euro (EUR) surged after the European Central Bank President Christine Lagarde stated that the central bank will maintain an accommodative policy in response to the ongoing coronavirus crisis.

The UK pound (GBP) rose as investors optimistic about Britain to reach a trade deal with the European Union by the end of the year.

The aussie (AUD) recovered from the previous losses boosted by fresh hopes on US fiscal stimulus after US President Donald Trump want a relief package above USD 2.2 trillion.

The kiwi (NZD) advanced amid risk-on tone triggered by optimistic over a pre-election US fiscal stimulus.

Xero Capital Markets Ltd. Review

Source: https://monsun.asia/2020/10/21/asian-shares-traded-higher-aud-benefited-amid-hopes-us-fiscal-stimulus/
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