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The US Dollar fell below the 98.00 level on Tuesday, marking its lowest point since early October. The decline followed a US labor report that highlighted a notable slowdown in the job market, reinforcing concerns about the economy and overshadowing weak European data.
Against major currencies, the US Dollar showed mixed performance, holding strength against the Australian Dollar but weakening versus the Euro, British Pound, and Japanese Yen. The Euro traded near three-month highs around 1.1750 USD, supported by narrowing interest rate differences between the Federal Reserve and the European Central Bank, despite contraction in German manufacturing activity.
The British Pound reached approximately 1.3430 USD ahead of the UK Consumer Price Index release and the Bank of England’s upcoming policy announcement. The Japanese Yen strengthened past 155.00 to trade near 154.65 USD, amid speculation that the Bank of Japan may raise rates to curb persistent inflation.
The Australian Dollar struggled near 0.6630 USD, weighed down by disappointing Chinese economic data. Retail sales and industrial production in China fell below expectations, dampening sentiment for Australia’s largest trading partner.
Gold hovered around $4,300, initially dipping to $4,270 before recovering. The precious metal benefited from soft US labor data and ongoing inflation concerns, maintaining its status as a safe-haven investment.
US retail sales in October remained largely unchanged at $732.6 billion, slightly below expectations. This added to concerns about slowing US economic momentum, influencing both currency markets and investor sentiment.
Market participants remain focused on upcoming economic releases, central bank decisions, and global developments that could shape currencies and commodities in the final weeks of the year.
