This article was written by Ashwin Peswani, Regional Director of MTrading.
With robust Durable Goods Orders and an upbeat statement from minutes of FOMC in November, the US Dollar managed to extend its north-run on Thanksgiving day holiday as investors were more or less remain assured for December Fed rate-hike.
Elsewhere, the EUR dipped with its regional political trauma while GBP also had to trim bit of its previous gains and the JPY plunged heavily with continuous liquidation in safe-havens. Further, the AUD remained a bit strong as increasing Iron Ore demand helped the commodity currency but the NZD and CAD had to observe south-run on weakening prices of commodities of stronger USD. Additionally, the Crude remained in tension-trade ahead of the next week’s OPEC meeting as some traders are afraid that the production-freeze deal may not be signed due to Iran and Iraq.
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