Dollar Loses Ground Against Rivals

The U.S. dollar was weak against most major currencies on Wednesday as the relentless surge in coronavirus cases raised hopes for another round of stimulus from the Federal Reserve.

Sentiment dampened after the U.S. coronavirus outbreak crossed a grim milestone of over 3 million confirmed cases and the World Health Organization acknowledged "evidence emerging" that the coronavirus can be transmitted through the air.

A stronger pound after U.K. Chancellor Rishi Sunak unveiled a 30 billion pound budget in parliament to protect the British economy from a steep downturn took some wind out of the greenback.

The dollar index, which fell to 96.40 a little past noon, continued to stay weak and was last seen at 96.49, down 0.4% from Tuesday's closing level.

Against the Euro, the dollar was down by about 0.5% as it weakened to $1.1332.

The Pound Sterling was stronger at $1.2610, up from Tuesday's close of about $1.2542. UK Chancellor Rishi Sunak unveiled a package of GBP 30 billion worth of stimulus measures, including tax cuts and bonuses, to support jobs amid the economic slump caused by the coronavirus pandemic.

The Japanese currency was quoting at 121.52, having shed ground from 121.30 late Tuesday.

The Aussie gained about 0.5% with a unit fetching US$0.6891.

Against the Loonie, the dollar lost nearly 0.7%, weakening to $1.3512, while against Swiss franc, it was weaker at CHF0.9384. Switzerland's unemployment rate increased slightly in June, rising marginally to a seasonally adjusted 3.3% from 3.2% a month earlier, the State Secretariat for Economic Affairs, or SECO, reported.

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