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Market News As Biden has a bigger chance of being elected, the dollar may fall to the 2018's low at 89 (with trading strategy)

As Biden has a bigger chance of being elected, the dollar may fall to the 2018's low at 89 (with trading strategy)

Goldman Sachs recommends that investors short the US dollar against a basket of volatility-weighted propensity, including Mexican pesos, South African rands and Indian rupees; recommend long euros, Canadian dollars and Australian dollars against the US dollar.

Eden

2020-10-12

385

The Goldman Sachs Group said that given Biden’s growing chances of winning the US election and the progress made in the new crown vaccine, the dollar may fall to its 2018 low.

Some analysts pointed out that if the Democratic Party swept the election and the vaccine progressed smoothly, the trade-weighted U.S. dollar and U.S. dollar index may return to the lows of 2018.

So far, the U.S. dollar index has fallen by 3.4% and is currently at 93.061, down 0.06%. The index's trading price in 2018 was below 89, which means that Goldman Sachs believes that it still has 4% room to fall.

The spot price of the Australian dollar against the US dollar was 0.723, down 0.12%; the spot price of the euro against the US dollar was 1.182, down 0.05%; the spot price of the British pound against the US dollar was 1.304, down 0.06%; the current price of the US dollar against the Canadian dollar was 1.313, up 0.09%; the spot price of the dollar against the Swiss franc was 0.908, down 0.01 %; the current price of the dollar against the yen was 105.440, down 0.14%; the current price of the New Zealand dollar against the dollar was 0.667, up 0.02%.

Hard Brexit worries will not hinder the strengthening of the pound exchange rate. The EU and the UK continue to negotiate, but there are still no consensus on important issues, especially on fisheries. The European Union requires the United Kingdom to open operating waters to the EU fishing industry, and the United Kingdom also requires the European Union to fully open the EU market to the fishing industry in that country.

Trading strategy (Source: Trading Central)