Overnight, the most noticeable currency movements have been the weakening of EURAUD and EURNZD – Both are now down 0.37%. AUDUSD has gained + 0.46%, whilst the price of gold has also appreciated 0.41%. This is a fair representation of the current risk management being undertaken by the markets, with an appetite for safe havens being snapped up.
The Covid-19 relief bill in the US is the current centre of attention, with Trump refusing to put pen to paper and sign it. The opposition party are piling on the pressure to see the stimulus checks rolled out nationwide, in time for Christmas. Developments on this matter will likely dictate short term USD movements and risk over the next few days unless of course there is a breakthrough development in the Brexit no-deal / deal.
There have been no notable Brexit developments overnight, aside from the castaway comments around “progress” and “optimism”. GBP seems relatively unphased for now.
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Author: Alistair Hutson, Senior Relationship Manager.
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