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European session review: USD firms amid renewed uncertainty over U.S. stimulus and surge in global coronavirus cases

TimeCountryEventPeriodPrevious valueForecastActual
08:30United KingdomMPC Member Andy Haldane Speaks    
09:25United KingdomBOE Gov Bailey Speaks    
10:00United KingdomCBI industrial order books balanceOctober-48-45-34

USD strengthened against most of its rivals in the European session on Thursday as renewed uncertainty about a new stimulus bill in the U.S. and a surge in global COVID-19 cases boosted demand for safe-haven assets.

The U.S. House Speaker Nancy Pelosi’s deputy chief of staff, Drew Hammill, tweeted yesterday that the speaker and Treasury Secretary Steven Mnuchin made progress in their negotiations and are expected to speak again on Thursday. The drawn-out talks, however, raised the suggestion that the new relief package is not likely to pass before the November 3 presidential elections in the U.S. 

The U.S. Senate Majority Leader Mitch McConnell also cast doubts on whether the stimulus bill could pass before the elections. In addition, he announced plans to vote on a more limited relief package. Negative sentiment was also added by the U.S. President Donald Trump's Wednesday tweet, accusing Democrats of being unwilling to find a compromise. “Just don’t see any way Nancy Pelosi and Cryin’ Chuck Schumer will be willing to do what is right for our great American workers, or our wonderful USA itself, on Stimulus,” he wrote.

The coronavirus is showing a resurgence in Europe and the U.S. The European Commission (EU) urged EU governments to adopt a common strategy for the new phase of the pandemic.

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