The Australian dollar strengthened against peers supported by a stronger jobs report. The Australian economy added 39.9 thousand jobs in November, while the unemployment rate ticked lower to 5.2% versus 5.3% previously. The AUDUSD rose to $0.6883, and the EURAUD declined to 1.6150.
The dollar index, which measures the greenback against a basket of major currencies, drifted lower to 97.28 as European currencies recovered slightly. The British pound inched higher after testing a one-week low due to fresh hard-Brexit concerns. On the other hand, DXY was less affected by Trump's impeachment. The House of Representatives impeached President Trump for the abuse of power and obstruction of Congress. The USDJPY continued to trade in a tight range, finding upside resistance near 109.70 awaiting fresh fundamental drivers. Meanwhile, the GBPUSD recovered to $1.3127, and the EURUSD edged higher to $1.1133.
Gold prices remained caught in a consolidation zone as investors' look for further insights on the recent fundamental developments. The price of a gold ounce found upside resistance near $1480 and support near $1470, the price of a silver ounce dipped below $17, while palladium held steady near $1920.
Oil prices raced higher on a fall in US inventories. The US Energy Information Administration reported a drop of 1.085 million barrels in US crude oil inventories last week. The West Texas Intermediate crude futures rose to $61.17, and Brent futures surged to $66.40.
Major Economic Events
|9:30||UK||Retail Sales (MoM) (Nov)||0.3%||-0.1%|
|12:00||UK||BoE Interest Rate Decision (Dec)||0.75%||0.75%|
|12:00||UK||BoE QE Total (Dec)||435||435|
|13:30||US||Philadelphia Fed Manufacturing Index (Dec)||8.0||10.4|
|15:00||US||Existing Home Sales (Nov)||5.44||5.46|
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