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Dollar Lower as FED Interest Rate Decision

The U.S. Dollar Index dropped on Thursday’s session against its major currencies as the federal reserve kept the interest rate unchanged, the dollar depreciated against the other major currencies.

In the U.S presidential news, Democrat Biden on Thursday inched nearer to victory over President Donald Trump in an exceedingly close U.S. election that hinged on razor-thin margins, while the Republican president launched a flurry of lawsuits hoping to slow down his opponent. according to Reuters.

On Thursday, The Initial Jobless Claims which measures the number of individuals who filed for unemployment insurance for the first time during the past week came worse than expected by 751 thousand versus 758 thousand previously.

Moreover, on Thursday, the Fed interest Rate Decision which came in line with expectations at 0.25 percent.

On Friday the Nonfarm payrolls for October which measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, expected to reach 600 thousand versus 661 thousand. 

The U.S. Dollar Index, which measures the power of the dollar against a bundle of six major currencies, closed Thursday’s trading session around 92.5.

In Europe, the single currency rose against the U.S. dollar as the optimism that the Democrats looked likely to take control of the U.S. Senate of, EURUSD ended the session at 1.18238.

On the other hand, the Sterling rose slightly on Thursday’s session against the U.S. dollar, as the BOE kept the interest rate unchanged and has arrived to support the economy, The Cable finished the session at 1.31455.

In the Safe-havens area, the Swiss Franc rose for the third day against the U.S. Dollar and ended the session at 0.90490 USDCHF. On the other hand, the Japanese Yen ended the session lower against the U.S. Dollar at 103.479 USDJPY.

Gold prices rose on Thursday’s session to reach 1949.21 per ounce, as growth prospects of a Joe Biden victory.

In Canada, the Loonie won against its U.S. counterpart on Thursday’s session as the commodity-linked currency got support from higher oil. USDCAD closed the session at 1.30437.

Cryptocurrencies finished higher on Thursday, as Bitcoin closed higher at 15225.07 BTCUSD. Moreover, Litecoin and Etherum ended the session at 56.04 LTCUSD and 411.38 ETHUSD respectively.

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