The Greenback rose to three-day highs amid a strong resurgence of the bid bias, supported by Trump’s threats of further tariffs along with political concerns in France.
Here is what you need to know on Tuesday, December 3:
The US Dollar Index (DXY) advanced past the 106.70 level against the backdrop of mixed US yields across the curve and a widespread sell off in the risk complex. The US labour market takes centre stage with the release of the JOLTs Job Openings for the month of October, seconded by the RCM/TIPP Economic Optimism Index, and the weekly report on US crude oil inventories by the API. In addition, the Fed’s Goolsbee and Kugler are expected to peak.
EUR/USD came under increased selling pressure and broke below 1.0500 in response to rising political unrest in France. The ECB’s Cipollone is due to speak.
GBP/USD mirrored its risky peers and reversed a multi-day positive streak, approaching the 1.2600 region. The BRC Retail Sales Monitor will be the only data release across the Channel.
USD/JPY ended the day with a modest decline following an initial advance to the 150.70 zone. The JGB 10-year Auction will be the only event on the local docket.
AUD/USD made a sharp U-turn and breached the key 0.6500 support to hit new multi-day lows on Monday. Next on the Australian docket will be the Q3 Current Account results, along with the Ai Group Industry Index and the final Judo Bank Services PMI.
WTI could not sustain earlier gains and ended the day near the $68.00 mark per barrel as traders kept assessing the geopolitical scenario as well as the health of the US economy.
Prices of Gold set aside four consecutive days of losses and briefly flirted with the $2,620 mark per troy ounce amid the stronger US Dollar and mixed US yields. Silver prices followed suit and left behind two straight days of gains.
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