Forex Today: EUR/USD tops 1.12, AUD/USD nears 0.70, as end-of-year dollar pressure set to extend

Yohay Elam FXStreet

Here is what you need to know on Monday, December 30:

The US dollar remains on the back foot amid end-of-year adjustments and speculation that the greenback may have a down year in 2020. Easing trade tensions and signs of growth elsewhere send investors away from the US.

EUR/USD has is trading above 1.12, the highest levels since August, while AUD/USD is near 0.70. Gold is trading above $1,500 while USD/JPY is holding above 109.

GBP/USD is also extending its recovery and trading above 1.31 as investors gear up for another turbulent year in post-Brexit trade negotiations.

Oil is on the rise as well, after reports about a US strike against targets in Syria and Iraq over the weekend. Optimism about global growth also keeps the black gold bid.

The penultimate day of the decade's calendar is light, with US Chicago Purchasing Managers' Index and Pending Home Sales having the potential to move markets.

Cryptocurrencies are consolidating their weekend gains, with Bitcoin trading around $7,300.

EUR/USD in 2020: Lean times soon to turn into flush times for euro dollar
GBP/USD in 2020: Pound may continue to fall on hard Brexit deadline
USD/JPY in 2020: A journey from trade fears to high-stakes election

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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EUR/USD trims losses and returns to the 1.1750 area

The US Dollar resumed its decline in the American afternoon, helping EUR/USD trim early losses. The pair trades around 1.1750 as market participants gear up for the European Central Bank monetary policy decision and the United States Consumer Price Index.