US president Donald Trump and Joe Biden faced off in their final presidential debate before the Nov 3 election in the early hours of this morning. The US Dollar Index inched up 0.08 per cent to 93.043. Although the dollar remained above Wednesday’s seven-week low, it was down 0.7 percent for the week and remained in the bottom half of a months-long range.
Meanwhile, the yen saw its highest weekly rise since mid-September, reversing some overnight losses after House of Representatives Speaker Nancy Pelosi expressed optimism about a consensus on the latest stimulus measures.
Investors also turned to the safe-have yen over the anticipated turbulent trade ahead of the election.
The AUD/USD pair inched down 0.04 percent to 0.7112. Across the Tasman Sea, the NZD/USD pair inched down 0.10 percent to 0.6667.
The USD/CNY pair inched up 0.02 percent to 6.6835.
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9.00am update: Pound slumps against the US dollar
As of 9am, the Pound is trading at £1/$1.3092 compared to £1/$1.3089 at the previous close.
8.45am update: FTSE 100 makes early gains
The FTSE 100 index was up 60.44 at 5846.09 as of 8.45am
8.00am update: FTSE 100 opens at 5785.65
The FTSE-100 index has opened at 5785.65.
7.45am update: Tourism spending in London forecast to plummet by more than £10billiion
Tourist spending in central London is set to fall by by £10.9 billion this year due to the pandemic, according to an analysis published by mayor Sadiq Khan.
City Hall analysis of forecasts by Visit Britain showed goods and services revenue from foreign tourists in the city would drop £7.4 billion through the year, while domestic tourists would spend £3.5 billion less.
Mr Khan said: “This analysis shows the eye-watering drop in the money spent by visitors in the economic and cultural heart of the capital – which is far greater than even the impact of fewer commuters travelling into the centre of the city each day.
“Clearly, this will mean many businesses are in danger of closing and many thousands of jobs will be at risk.
“I’m determined to do all I can to support London’s economic recovery now, and in the years to come. But these sectors won’t be able to sustain pre-pandemic levels of employment until tourists return in significant numbers – so Government must act swiftly to prevent widespread job losses and the financial hardship this will bring for Londoners, many of whom are already struggling to make ends meet.
“The Government needs to get its act together and provide a functioning test and trace system so the economy can reopen safely.”
7.15am update: Retail sales increase by 1.5 percent in the UK
Retail sales in the UK have increased by 1.5 percent in the past month, according to official figures.
The Office for National Statistics said September was the fifth consecutive month of growth.
In the three months to September, retail sales volumes increased by 17.4 percent, when compared with the previous three months – the biggest quarterly rise on record.
(Additional reporting by Grace MacRae)