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The U.S. dollar was a big loser on the week on rising positive risk sentiment, likely stemming from traders continuing to price in hopes of a stimulus package coming soon, as well as positive updates on COVID-19 treatment.

Overlay of USD Pairs: 1-Hour Forex Chart
Overlay of USD Pairs: 1-Hour Forex Chart
USD Weekly Performance from MarketMilk
USD Weekly Performance from MarketMilk

United States Headlines and Economic data

Monday:

U.S. Business activity rises further amid stronger expansion in new sales?–? fastest growth since March 2019,?Employment growth remains historically elevated,?Selling prices increase at sharpest pace for two years

Trump’s COVID-19 status unclear, could return to White House Monday

U.S. service sector activity rises above pre-pandemic level in September: ISM survey

U.S. commercial bankruptcies up 33% year to date

Pelosi, Mnuchin talk coronavirus aid as presidential illness complicates picture

Tuesday:

Biden holds stable lead in six swing states after debate, Trump’s coronavirus diagnosis, new poll finds

Pelosi Says Stimulus Talks Are Moving ‘Very Slowly’

U.S. trade deficit jumps to largest in 14 years in August

The number of job openings was little changed at 6.5M on the last business day of August, the U.S. Bureau of Labor Statistics

Fed Chair Powell calls for more help from Congress, says there’s a low risk of ‘overdoing it’

We saw a broad rally higher in the Greenback on Tuesday,?likely from a jump higher in broad risk aversion sentiment during the U.S. session after?U.S. President Donald Trump halted Covid-19 relief aid talks until after election.

COVID-19 vaccine may be ready by year-end: WHO’s Tedros

Wednesday:

Trump reverses course on coronavirus relief talks, dangles new $1,200 stimulus checks?– this news correlates with the dollar’s rally reversal during the Asia trading session as traders jumped back in on risk assets on stimulus hopes.

Trump urges Congress to provide $25 billion bailout for U.S. airlines

Fed’s Harker: Recovery plateauing, return to old levels ‘will take some time’

US Mortgage Applications Increase +4.6% in Latest MBA Weekly Survey?– “There are signs that demand is waning at the entry-level portion of the market because of supply and affordability hurdles, as well as the adverse economic impact the pandemic is having on hourly workers and low-and moderate-income households.”

Fed officials worried that lack of help from Congress will threaten recovery, minutes show

Fed could boost bond buys, but won’t for now, policymakers say

Fed’s Evans says Fed won’t follow strict formula for timing liftoff

Thursday:

Trump claims stimulus talks are back on, two days after he shut them down

Initial U.S. weekly jobless claims: 840,000 last week, higher than the 825,000 Wall Street estimate?– “There are still 25.5 million workers collecting some form of benefits”

Trump pulls out of virtual debate with Biden, calls it ‘waste’ of time

Fed’s George: Framework ‘less’ a promise to engineer inflation than ‘tolerance’ of it

Friday:

Mitch McConnell says a coronavirus stimulus package is ‘unlikely in the next three weeks’

U.S. wholesale inventories revised to +0.4% in August

Chicago Fed’s Evans: Fed can ‘provide more accommodation’ with QE

U.S. sees highest number of new coronavirus cases in nearly two months?– “The U.S. reported more than 57,000 new coronavirus cases on Friday”

A New Study Confirms Remdesivir’s Effectiveness as a Coronavirus Treatment