FX MARKET REPORT 02.12.2020

FX MARKET REPORT 02.12.2020

FX MARKET REPORT 02.12.2020

Daily Commentary
FX MARKET REPORT 02.12.2020
/
FX MARKET REPORT 02.12.2020

GBP/USD was trading above 1.3400 going into European trading, having hit three-month highs at 1.3440 amid broad-based US dollar weakness. However, the pair dropped back to 1.3350 after the Medicines and Healthcare Products Regulatory Agency (MHRA), the UK’s medical regulator, gave a green signal to the coronavirus vaccine co-developed by BioNTech SE and Pfizer Inc on Wednesday, concluding it’s both safe and effective. The cable traders seems to be waiting for news from the Brexit negotiations for new imputes. The vaccine approval news failed to boost risk appetite, which is nowhere near the support came from the vaccine efficacy news in November. EUR/USD has cleared the 1.2014 August peak, such a move targets initially 1.2145, the 78.6% retracement and longer term 1.2622, the 200 month moving average. The dollar weakened in early European trade Wednesday, as vaccine optimism and talk of further fiscal stimulus from the United States gave fresh encouragement to higher-yielding currencies. The dollar index was down 0.2% at 91.157, hitting its lowest levels since April 2018. USD/JPY rose 0.2% to 104.47, while the risk-sensitive AUD/USD climbed 0.2% to 0.7381.

This episode is sponsored by
· Anchor: The easiest way to make a podcast. https://anchor.fm/app

GBP/USD was trading above 1.3400 going into European trading, having hit three-month highs at 1.3440 amid broad-based US dollar weakness. However, the pair dropped back to 1.3350 after the Medicines and Healthcare Products Regulatory Agency (MHRA), the UK’s medical regulator, gave a green signal to the coronavirus vaccine co-developed by BioNTech SE and Pfizer Inc…

Leave a Reply

Your email address will not be published.