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On Wednesday, the evergreen buck was intact, keeping to a two-week maximum versus its key rivals, while the Australian dollar went down to its lowest value of 2019 after data disclosed that the Australian economy speeded down to an almost standstill in the fourth quarter.
Tracking the purchasing potential of the evergreen buck versus its major counterparts the USD index accounted for 96.80, having rallied to 96.95 yesterday - its best outcome since February 15.
Firm American economic data underpinned the evergreen buck after reports on Tuesday revealed a rebound in housing as well as services activity that eased fears over a deceleration in the world’s number one economy.
Versus the Japanese yen the greenback tumbled a bit demonstrating a reading of 111.85, having reaching 112.13 yesterday – its best outcome since December 20.
Moreover, the Australian dollar inched down by nearly 0.8% versus its American rival to hit the lowest value since January 4 after data revealed that the Australian economy tacked on by 0.2% in the fourth quarter, which is below an anticipated 0.5% leap.
The dismal data backed recent evidence of decelerating domestic momentum and also encouraged market hopes for a rate cut from Australia’s major financial institution in 2019.
Meanwhile, the common currency was nearly intact versus the evergreen buck showing $1.1301, keeping to two-week minimum against the backdrop of hopes that the EU’s major bank would indicate a delay in lifting rates until 2020 and will have long-term bank loans relaunched soon to withstand an economic deceleration at its meeting on Thursday.
In addition to this, the Canadian dollar traded close to its lowest outcome for almost six weeks because traders are waiting for a policy verdict by the Bank of Canada later in the day.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
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