MTS Help Center

· Dollar holds line after Trump, Biden clash in first debate

The dollar was little changed in Asian trade on Wednesday, as traders assessed a fierce first debate between Republican President Donald Trump and Democratic rival Joe Biden ahead of the November 3 U.S. presidential election.

In the pivotal debate, marked by Trump’s repeated interruptions in a chaotic encounter, the candidates battled over the president’s leadership on the coronavirus pandemic, the economy and taxes.

The dollar index against a basket of currencies hardly budged at 93.821, after hitting a two-month high last week.

Analysts said neither candidate emerged from the debate with a decisive advantage.

The euro was firm around a one-week high of $1.1746 hit overnight.

Against the yen, the greenback was steady at 105.64 yen, a fraction below a two-week high of 105.74 it marked overnight.

Traders also remain focused on progress made around a U.S. fiscal stimulus packaged to cushion the coronavirus blow.

U.S. House Speaker Nancy Pelosi said on Tuesday she hoped to have a coronavirus aid deal with the White House this week, after speaking with Treasury Secretary Steven Mnuchin and making plans for further talks on Wednesday.

“We believe it is unlikely the stimulus bill progress in its current form. The House Democrats’ stimulus bill is more than $1 trillion above what key Republican policymakers are willing to consider,” said Commonwealth Bank of Australia currency analyst Kim Mundy in a note.

“The U.S. economic recovery is at risk without more fiscal stimulus and as a result, USD is vulnerable to additional upside in the short term.”

· Treasury yields mixed; debate, coronavirus treatment, stimulus in focus

At around 2:10 a.m. ET, the yield on the benchmark 10-year Treasury note was lower at 0.6413% and the yield on the 30-year Treasury bond was higher at 1.4129%. Yields move inversely to prices.

· When, where and what time are the debates?

October 7, Utah

The sole vice-presidential debate, between Democratic senator Kamala Harris and Mr Trump's vice president, Mike Pence, will be in Salt Lake City, Utah on October 7.

The 90-minute debate will be moderated by Susan Page from the newspaper USA Today, and divided into 10-minute segments.

October 15, Florida

The second debate between the two presidential candidates will be hosted by the Adrienne Arsht Center for the Performing Arts in Miami on October 15 at 9pm ET (2am in the UK).

The candidates will be given two minutes to answer each question and the moderator will be allowed an additional minute to enable follow ups.

October 22, Tennessee

The final presidential debate will be at Belmont University in Nashville, Tennessee on October 22 at 9pm ET (2am UK).

The 90-minute event, moderated by NBC News correspondent Kristen Welker, will also be divided into 15-minute segments on prepared topics.

· German stimulus measures boost retail sales in August

German retail sales rose much more than expected in August, data showed on Wednesday, raising hopes that household spending in Europe’s largest economy will power a strong recovery in the third quarter from the coronavirus shock.

Chancellor Angela Merkel and Finance Minister Olaf Scholz have since March unleashed an unprecedented array of rescue and stimulus measures to help companies and consumers recover as quickly as possible from Germany’s deepest recession on record.

The measures include unlimited liquidity aid for struggling companies, a massive job protection scheme to shield workers from sudden unemployment as well as cash handouts for parents and a temporary VAT cut to boost domestic demand.

There had been some doubt whether the VAT cut, valid from July 1 to Dec. 31, was actually working, as some companies seemed not to be passing the reduction on to consumers.

· EU drafts rules to force big tech companies to share data: FT

The European Union (EU) is preparing to force big technology companies to share their customer data with smaller rivals, the Financial Times reported on Wednesday, citing an early draft of its landmark ‘Digital Services Act’ regulations.

“The likes of Amazon and Google shall not use data collected on the platform . . . for (their) own commercial activities . . . unless they (make it) accessible to business users active in the same commercial activities,” the FT reported, quoting the draft.

· UK GDP collapsed nearly 20% in second quarter in historic COVID hit

Britain suffered a record collapse in economic output in the second quarter of 2020 when COVID-19 lockdown measures were in force and people had few opportunities to spend, though the decline was slightly smaller than first estimated.

Gross domestic product shrank by 19.8% in the three months to June compared with the first quarter, slightly less than the initial 20.4% estimate but still more than any other major advanced economy, the Office for National Statistics said.

The fall was the biggest since the ONS records began in 1955. Other data has suggested Britain is on course for its biggest annual fall since the 1920s.

· UK cars could face some tariffs to EU due to parts ruling: BBC

The United Kingdom has so far failed to persuade the European Union to accept car parts from Japan and Turkey as British when they are used in Britain, meaning some automotive exports would attract tariffs even with a trade deal, the BBC said.

The BBC said it had seen a letter from Britain’s chief Brexit negotiator David Frost to the car industry which said the UK had so far failed to get the car parts deal it wants and “obviously cannot insist on it”.

· UK house price rise speeds up in September: Nationwide

British house prices rose by the most in four years in September when they jumped by an annual 5.0%, mortgage lender Nationwide said on Wednesday as a sharp rebound in the country’s housing market accelerated.

The increase was stronger than the median forecast of a 4.5% rise in a Reuters poll of economists and average prices hit a fresh record high.

Britain’s housing market has boomed since the coronavirus lockdown with a rush by some buyers for bigger houses outside of urban areas in the new work-from-home age combining with pent-up demand.

· Oil falls second day as rising virus cases spur demand worries

Oil prices fell for a second day on Wednesday, extending large losses from the previous as rising coronavirus cases heading into the northern winter prompted concerns about further restrictions on activity that could curb fuel demand.

Brent crude LCOc1 for November delivery dropped 40 cents, or 1%, to $40.63 per barrel by 0635 GMT. West Texas Intermediate CLc1 fell 32 cents, or 0.8%, to $38.97.