Dollar hits new 31-month low

Dollar hits new 31-month low

2020-12-03 • Updated

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Ichimoku Kinko Hyo

EUR/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAU/USD: There is an indecision battle between bulls and bears and stands above key 50% retracement area.

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US Market View

U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.  Positive news over the development of Covid-19 vaccines, with the U.K. becoming the first country to approve the Pfizer-BioNTech injection for emergency use on Wednesday, have helped global stock markets post strong gains.

However, the roll out of this vaccine, and others are likely to be approved shortly, will likely take several months. The U.S. is still set for a difficult winter, with more than 100,000 people currently in hospitals across the country sick with Covid-19, for the first time ever. The dollar continued its descent, hitting a fresh 31-month low as the prospect of a recovery next year enticed ever more money out of safe havens and into foreign currencies. The euro rapidly gained another cent after breaking through $1.20 for the first time since April 2018, while the Australian dollarKorean won won both hit new 30-month highs.

USA Key Point

  • US weekly initial jobless claims 712K vs 775K expected
  • The GBP is the strongest and the USD is the weakest
  • Cable nears the week's highs as buyers hold on to Brexit deal hopes

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