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USD/INR Tops 74.00 As Q3 GDP Contracts, COVID-19 Infections Jump

The Indian rupee is weakening against its US peer at the end of the trading week, driven mostly by the continuing economic contraction and the rising number of coronavirus infections. The rupee has joined the rest of the emerging market currencies by slumping in 2020 amid the financial crisis. But with growing confidence in the broader financial market, the rupee has found support among EM currencies in November.

Euro Rallies to 3-Month Highs on Upbeat Euro Area Data Releases

The euro today rallied to new highs last seen on September 1st against the weak dollar boosted by upbeat macro reports from the euro area. The EUR/USD currency pair today rallied higher boosted by the upbeat French GDP report and other positive data from other EU countries.

Chinese Yuan Firms As PBoC Signals Flexible, Targeted Monetary Policy

The Chinese yuan is firming against multiple currency peers during the quiet holiday Thanksgiving trading session. The yuan has been strengthening since peaking at around 7.1 against the US dollar. It is likely to extend its winning streak to the end of the year after the central bank signaled that it would adjust its monetary policy directives. But how much longer will officials allow the yuan to appreciate, […]

Aussie Flat, Ignores Negative Domestic Macroeconomic Data

Macroeconomic data released in Australia on Thursday was not good but that hardly affected the Australian currency. The Aussie was trading flat against all of its most-traded peers as trading was very quiet due to a holiday in the United States.

Canadian Dollar Strengthens as US Crude Tops $45, Biden Transition Formally Approved

The Canadian dollar is strengthening against its US peer on Tuesday as crude oil prices rallied to above $45. The loonie has surged by more than 1% this month, making the currency on track to erase its 2020 loss after stabilizing in the second half of the year. With soaring energy prices and a national economy recovering in the aftermath of the coronavirus pandemic, is the Canadian dollar setting itself up as the next top currency in 2021?

Yen Falls vs. Commodity Currencies, Holds Ground vs. Majors

The Japanese yen fell versus commodity currencies but managed to hold its ground against other most-traded currencies today. Markets remained under the impact of the positive coronavirus vaccine news, which limited demand for safer currencies, including the yen.

Euro Rallies on Coronavirus Vaccine News, Later Falls on Upbeat US PMI

The euro today rallied higher against the US dollar in the first half of today’s session boosted by investor optimism about a potential coronavirus vaccine. The EUR/USD currency pair later reversed course during the American session and turned negative for the day on the upbeat US PMI data, which boosted the dollar.

US Dollar Extends Weakness on Optimism Over Oxford-AstraZeneca COVID-19 Vaccine

The US dollar is extending its weakness to start the trading week, driven mostly by optimism in the broader financial market amid the latest coronavirus vaccine from Oxford-AstraZeneca. This comes soon after Pfizer and Moderna announced their own two-dose inoculations in preventing COVID-19. With economic data being mostly quiet on Monday, traders will be looking for the latest hints regarding US fiscal stimulus and relief packages.

Russian Ruble Flat As October GDP, Retail Sales Disappoint

The Russian ruble is trading relatively flat against several currency peers to close out the trading week. The ruble has witnessed a resurgence this week as foreign exchange traders poured into the currency amid a significant rally in Brent crude oil prices. But the gains may have been capped by disappointing economic data. With tighter lockdown restrictions in Europe, could the ruble come under pressure in the home stretch of 2020?

Pound Rallies on Upbeat UK Retail Sales Data, Brexit Talks Progress

The British pound today surged higher against the US dollar boosted by the upbeat UK retail sales data, which beat analysts expectations by a wide margin. The GBP/USD currency pair’s rally was also fueled by investor optimism regarding the post-Brexit trade talks ahead of the rapidly approaching December 31st deadline.

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