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Nov 18 - 04:55 PM

EUR/USD - COMMENT-US Recap: EUR/USD Flat But Fed Views Soften Dollar Vs Other Majors

By Paul Spirgel  —  Nov 18 - 03:05 PM

The dollar held steady versus the euro but slipped against other major currencies as mixed U.S. housing data reminded investors of the virus-stricken economy's challenges before widespread vaccine distribution expected next year, leading investors to wonder if the Fed will add further support.

The recent spate of weak U.S. data and rising COVID cases run counter to optimism over vaccines, with Pfizer Inc and BioNTech possibly on track to secure emergency U.S. and European authorization for their COVID-19 vaccine next month after final trial results showed it had a 95% success rate [nL1N2I40XJ].

Long-end U.S. Treasury yields rose after a poorly received 20-year auction, but just barely, and remainwell down from last week.
U.S. equities fell, weighed down by COVID and fiscal aid concerns.

EUR/USD gave up European session gains to stand unchanged on the day in late New York trade, hurt by wider German-U.S.
yield spreads and falling EUR/JPY nL1N2I42EP.

USD/JPY broke below 104, putting its Nov.
6 trend low of 103.18 in focus, though it crawled back above the 76.4% Fibo of this month's range [nL1N2I42FP
].

GBP/USD tested above 1.33, finding offers ahead of its Nov.
6 trend high 1.3322. The subsequent retreat below 1.33 found bids by 1.3260, and the shallow retracement hints bulls may not be done.
Above 1.3322, the Sept.
1
high at 1.3481 beckons.

AUD/USD rallied near recent highs on general U.S. dollar weakness.

Gold slipped despite falling global rates, with markets walking tightrope between upbeat vaccine tones and dour COVID case resurgence.

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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