Forex Today: Dollar weakness continues, Gold plummeted
|Here is what you need to know on Monday, November 30:
The American dollar was the worst performer on Friday, falling against all of its major rivals, but the pound. The EUR/USD pair was the best performer, reaching a fresh 2-month high of 1.1963.
The GBP/USD pair fell for a second consecutive day as the Brexit drama continues. On Friday, EU’s chief negotiator Michel Barnier traveled to London for in-person discussions, as the critical issues remain unsolved. The EU and the UK keep playing the blame game, accusing each other of not conceding on key issues. UK PM Boris Johnson stated that Britain would do great with or without a trade deal with the Union.
AUD/USD pressured the 0.7400 level but holds below it. Tensions between Beijing and Canberra continue. Over the weekend, Australia’s trade minister said China’s steps to curb imports of his country’s goods are “aggressive,” adding that such measures undermined confidence in the global economic recovery.
Gold plummeted to $1,774.25 a troy ounce. There was no certain catalyst beyond such slump, but a technical one, as the slump came in thin trading conditions and once the metal lost the 1,8000 mark.
Weekend news indicate that the UK’s medical regulator will likely approve the emergency use of the Pfizer-BioNTech vaccine, to be applied as soon as December 7.
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