Dollar accelerates higher as risk-off trading continues to dominate

The greenback erased yesterday’s losses in the last hour of trading and continued to rally today, with the EURUSD pair dropping below the 1.18 level again. 

However, the medium-term trend remains sideways as the pair rises one day and declines the other day. It has been stuck near 1.18 since the summer, lacking a clear direction.

The second wave of infections continues to spiral out of control in Europe, with no signs of slowing down. Restrictions imposed to combat the pandemic have had a limited effect to date, prompting fears of more draconian measures.

French President Emmanuel Macron will appear on TV later in the evening, with rumours spreading he is about to announce another hard lockdown in France. 

The economic calendar offers the BoC monetary policy meeting, which will most likely influence the Canadian dollar. 

Meanwhile, stocks continued to bleed and yesterday’s stellar results by Microsoft failed to change the bearish sentiment. 

Source: https://www.axiory.com/market-news/dollar-accelerates-higher-as-risk-off-trading-continues-to-dominate