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Currency Market Analysis

Dec 03, 2020 | Currency Market Analysis

Global Themes

Greenback weaker, euro higher, as markets looks to stimulus

The USD was pressured by further gains in US shares with hopes for a stimulus deal also helping sentiment.

The USDSGD was steady at two-year lows.

The USD weakness saw strong gains for the euro with the EURUSD hitting new two-and-a-half year highs. The euro was higher in most other markets.

AUD higher after strong GDP

The Australian dollar was higher across the board yesterday after a better than expected reading from September-quarter GDP boosted the local unit.

September-quarter GDP was 3.3% for the quarter well above the 2.6% expected.

The British pound was sharply lower as news surfaced about renewed tensions between the UK and EU over their long-awaited trade deal. Fisheries government support to business and dispute resolution were the main concerns.

Chinese data in focus

Today’s data starts with the Australian trade balance due at 8.30am.

Later, Chinese services PMI is released at 9.45am.

Tomorrow, US non-farm employment will be closely watched as a new wave of COVID-19 crosses the US.

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