Forex Today: Risk appetite hits the dollar and gold

Here is what you need to know on Wednesday, November 25:

Risk appetite took over the financial markets. Easing political turmoil in the US, vaccine hopes, and solid US data has helped send the Dow Jones Industrial Average above the 30,000 level for the first time ever.  The Nasdaq and the S&P 500 also posted substantial gains.

The dollar seesawed between gains and losses, ending the day down against most major rivals. The AUD/USD pair out stands, trading at fresh 2-month highs.

 The EUR found some support in encouraging German data, while the GBP was underpinned by Brexit hopes, although nothing new was reported on that particular front.

Gold plummeted and traded as low as $1,800.27 a troy ounce, ending the day around 1,805.

Crude oil prices rallied, with WTI nearing $45.00 a barrel. OPEC+ will meet next week to decide whether to roll over the current cuts through the first quarter of 2021.

The pandemic keeps taking its toll on the US, with the latest data indicating that the virus is out of control everywhere but Hawaii. In Europe, on the other hand, the situation is mixed, improving modestly in some countries and worsening in others such as Italy and Germany. Still, news related to record contagions are being overshadowed by vaccine hopes.

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