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FX MARKET REPORT 15.12.2020

FX MARKET REPORT 15.12.2020
Daily Commentary
FX MARKET REPORT 15.12.2020
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FX MARKET REPORT 15.12.2020

The GBP/USD pair held on to its modest gains near session tops, just below mid-1.3300s and had a rather muted reaction to the UK macro release. COVID-19 vaccine, expectations for more US stimulus undermined the USD and remained supportive. Mixed UK employment detail did little to influence or provide any meaningful impetus to the major. EUR/USD looks set to test 1.2200, fresh multi-year tops. A pennant breakout is likely on the hourly chart. RSI stays bullish while the spot recaptured 21-HMA. The dollar remained near multi-year lows in early European trade Tuesday, with little news to challenge a dominant narrative that sees loose U.S. policy underpinning a broad global recovery next year. The dollar index was largely flat at 90.688, after sinking as low as 90.419 on Monday, a level unseen since April 2018. USD/JPY fell 0.1% to 104.06 and AUD/USD was down 0.2% at 0.7523, after touching the highest since June 2018 at 0.7578 on Monday.

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