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Dec 08 - 04:55 PM

EUR/USD - COMMENT-US Recap: EUR/USD A Tad Softer As Dollar Bleeding Pauses

By Paul Spirgel  —  Dec 08 - 02:40 PM

The dollar held firm on Tuesday, catching its breath from recent losses as major currencies looked ahead to an ECB meeting later this week and the rolling headline risk of Brexit talks.

The consolidative trading still left the dollar index within the danger zone of Friday's 2-1/2-year low of 90.50.

The start of Britain's mass vaccination drive failed to inspire enough global growth optimism to significantly spur commodities, which largely traveled sideways, as global COVID-19 cases continue to surge.

regulators moved a step closer to approving a COVID-19 vaccine on Tues
day nL1N2IO12S, fueling hopes that the inoculations could be widely available in the coming months, allowing economies to reopen sustainably.

EUR/USD was trading down 0.04% late in the U.S. session, while USD/JPY was 0.11% higher, as markets settled into a central bank vigil with the ECB meeting on Thursday and the Fed next week.

GBP/USD underwent another whipsaw session, trading the day's entire 103 pip range during the 8-9 a.m.
hour in New Yor
Brexit headlines were once again the culprit, driving prices as negotiators were unable to agree concessions on key fishery, level-playing-field and dispute resolution issues.

CNY and CNH held in place as broad dollar selling, except for a few emerging markets, ebbed. CNH has reached an inflection point below 6.60, its 50% Fib of 6.02-7.20.
The nascent Asia recovery may stir further CNY and CNH gains.

Selective emerging markets currencies -- INR, MXN, and ZAR -- rallied as lingering growth issues should keep rates in the U.S. and other major economies anchored near current lows, a boon for high current account deficit economies.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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