Against the dollar, the Norwegian crown reached new three-month lows. On the day, at 1140 GMT, it was down 0.9% at 9.5785. Also, it was down against the euro around 0.5%.
In overnight and early London trading on Friday, the trend reversed briefly. The Kiwi and Aussie recovered some losses, and the dollar dipped. Hopes that Washington was closer to agreeing on a fiscal stimulus package for the United States and late tech-driven rally in Wall Street boosted the Kiwi and Aussie.
Nevertheless, the dollar resumed its gains, and European shares soon turned red after opening higher.
ING strategists wrote in a note to clients that the re-pricing of global recovery expectations can remain a central narrative in markets for longer. Evidence of rising contagion waves (In Europe) will fuel worries concerning new lockdown measures and their economic impact.
Investors remain cautious concerning the upcoming United States elections. Nevertheless, the United States dollar is not forecasted to reach the same extent as that in March.
UBS strategists Tilmann Kolb and Gaetan Peroux said in a note that ongoing political war over the nomination of a new Supreme Court justice increased the sensitivity of investors to United States politics. Thus, ahead of the November elections, it decreased their willingness to expose themselves to dollar moves.
They added that they expect further United States dollar strength in the short term. Because positioning washout continues, they continue to hold a long-term bearish view on the United States dollar at current overvalued levels.
Against the United States dollar, the yen was a touch lower to 105.475. Meanwhile, against the euro, the Swiss franc gained around 0.1% at 1.08.
Moreover, rising coronavirus infections in Europe and the uncertainty surrounding the upcoming United States elections turned markets cautious. The United States dollar extended its gains on Friday. Thus, since early April, it was on track for its best week.
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