AUD/USD is in stasis above 0.7100 even as Australia's Q3 CPI beats estimates. The data is unlikely to deter the RBA from postponing additional easing. With coronavirus cases rising across the globe, the RBA is likely to cut rates next month.
USD/JPY feels the pull of gravity as risk sentiment weakens on coronavirus concerns. Deeper losses look likely, as the 4-hour chart shows a bear flag breakdown. The pattern indicates a continuation of the sell-off from the Oct. 20 high of 105.75, possibly toward 104.00.
Gold attempts bids amid coronavirus woes-led risk-aversion, as the bulls fight back control amid a sell-off in the US Treasury yields, triggered by the coronavirus concerns-induced risk-aversion. The benchmark US 10-year Treasury yields drop further below the key 0.80% level.
Both the US stock futures and the government bond yields are flashing red on renewed coronavirus concerns and fading prospects of additional fiscal stimulus deal. Coronavirus concerns weigh over risk sentiment and boost demand for safe havens.
The price of oil has fallen in recent trade as the recent inventory data shows a build on stockpiles, weighing on WTI. Technically, the price is deteriorating on a daily outlook. From a 4-hour perspective, the price might be expected to ....