Forex Today: EUR runs, pound suffers on fundamental developments
|Here is what you need to know on Thursday, December 3:
Volatility continues, and the dollar remains far from being the king. Speculative interest has been trying to digest multiple fundamental news, most of them positive. The US Congress is ready to resume discussing a stimulus package, much larger than the previously proposed. The UK has authorized the emergency use of Pfizer’s vaccine. Other countries are also rushing into approving this and other vaccines.
On the downside, Brexit's never-ending drama continues. EU chief Brexit negotiator Michel Barnier warned the UK that a deal must be reached before the end of this week. “A deal hangs in the balance,” he added as negotiating teams have been locked in the last few days amid divergences about fisheries and a level playing field. It has been 1,623 days since the Brexit referendum and there are just 29 days left for leaders to clinch a deal.
The EUR/USD pair trades near a yearly high of 1.2108, as tepid US employment-related data pressured the greenback alongside risk appetite. AUD/USD pressures 0.7400 after upbeat Q4 Australian GDP.
GBP/USD hovers within familiar levels unable to establish a clear direction on Brexit jitters. USD/JPY is also directionless yet above 104.00.
Gold surged to the 1,830.00 area, holding on to daily gains. WTI also recovered, ending the day at $45.00 a barrel.
Equities trade mixed, Wall Street pushed away from early lows but was unable to post substantial gains, weighed by a soft ADP report. Yields posted a modest intraday advance, supported by US COVID-19 relief package chatter.
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