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Chinese Yuan Shrugs Off Report Joe Biden Will Not Remove Tariffs on China

The Chinese yuan is shrugging off a report that President-Elect Joe Biden would not immediately remove the higher tariffs placed on the world’s second-largest economy. The yuan, which has been one of the top-performing currencies in foreign exchange markets, maintained its upward trajectory as it looks to test 6.5 against its US peer.

Canadian Dollar Strengthens on Q3 GDP, Manufacturing PMI Growth

The Canadian dollar is strengthening against its US counterpart on Tuesday, buoyed by third-quarter economic growth and rebounding manufacturing activity. But the loonie’s rally was capped by sliding crude oil prices amid uncertainty over the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, regarding output in 2021.

Euro Surges to Multi-Year Highs Against Dollar as US PMI Misses

The euro today rallied to multi-year highs against the dollar boosted by the positive investor risk sentiment amid heightened optimism about the global economic recovery. The EUR/USD currency pair’s rallied to highs last seen in Apil 2018 boosted by the dollar’s weakness and mixed eurozone macro releases.

Sterling Mixed on Hopes for Brexit Deal, Rising Manufacturing PMI

The Great Britain pound was mixed today, rising against some rivals but falling versus others, despite positive fundamentals. Hopes for the Brexit deal and a better-than-expected manufacturing report were providing support to the currency of the United Kingdom.

Yen Weakest Despite Better-than-Expected Domestic Reports

The Japanese yen was the weakest major currency on the Forex market today, falling against all other most-traded rivals. Domestic macroeconomic data could not be the catalysts for the decline: it was not particularly good but not extremely terrible either. In fact, most of the reports beat expectations.

Swiss Franc Gains After Positive GDP & Manufacturing PMI Reports

The Swiss franc logged gains versus a basket of currencies today, getting help from positive domestic macroeconomic reports. Economists do not expect tomorrow’s data to be good, though.

Australian Dollar Mixed After RBA Meeting, China’s Manufacturing PMI

The Australian dollar did not show a clear trend today. The Reserve Bank of Australia left its monetary policy unchanged at its last policy meeting this year, as was widely expected. China’s macroeconomic data was helpful to the Australian currency.

USD/CNY Pauses Despite Another Surge in November Manufacturing

The Chinese yuan is trading flat against its US peer to kick off the trading week, despite the central government reporting renewed activity in the manufacturing sector this month. The yuan has been one of the top-performing currencies in the fallout of the coronavirus, surging to its best level against the greenback in more than two years.

NZ Dollar Flat-to-Higher After Domestic & Chinese Economic Reports

The New Zealand dollar traded largely flat today, though it managed to gain on some of the majors, including the US dollar. The kiwi got a boost from positive domestic macroeconomic data as well as better-than-expected reports in China.

Euro Rallies on Upbeat German GDP and IFO Business Climate Data

The euro today surged against the dollar boosted by the upbeat German Q3 GDP report released early in the European session and positive investor sentiment. The EUR/USD currency pair later fell as the dollar recovered and printed new daily highs before recouping most of its losses during the American session.

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