Economic data from China impressed early on. With a quiet day ahead, Brexit and COVID-19 news will remain key areas of focus.
By Gina Lee
The dollar weakened in early European trade Friday, set to post weekly losses with traders expecting large-scale stimulus from the new administration to combat the Covid-19 pandemic. “The dollar is back at its 2018 lows with DXY [the Dollar Index] breaking below the key 92.00 support,” said analysts at ING, in a research note, stating that the pandemic “appears particularly concerning as major U.S. cities are experiencing large spikes in cases which may fuel further speculation that President-elect Joe Biden will opt for tougher restrictions once he takes office.” Outgoing President Donald Trump said on Thursday he will leave office if the Electoral College votes for Biden, the closest he has come to conceding the Nov. 3 election and another sign of the returning normalcy in U.S. political circles.