Dollar continues descent as prospects for U.S. economic recovery dampens

Dollar continues descent as prospects for U.S. economic recovery dampens

The Dollar traded lower earlier on Friday in Asia, continuing its descent from the previous session as the U.S. struggles to curb the rapid increase of COVID-19 cases in the country. In addition, recent data showing an unexpected rise in unemployment claims and the looming expiry for some stimulus measures also dampened hopes for a swift economic recovery in the U.S.

The weakened Dollar lost to the Euro after E.U. leaders announced to roll out a €750 billion ($868.987 billion) stimulus plan, further boosting the Eurozone currency to a 21-month high.

The U.S. Dollar Index slumped by 0.07% to 94.585 at 10:18 AM ET (03:18 GMT).

The Japanese Yen rose against the Dollar by 0.25%, last trading at ¥106.56.

The British Pound Sterling rose by 0.11% to $1.2753.

Down Under, the Australian Dollar rose by 0.25% to $0.7115, while the New Zealand Dollar gained 0.11% to $0.6641.

Meanwhile, the Greenback rose against the Chinese Yuan by 0.5% to 7.0066 per Dollar as the political climate between the U.S. and China continued to simmer.

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