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The US Dollar kept extending its decline to multi-month lows against most of its major rivals amid persistent optimism and weak US data, in addition to the general mood triggered by Fed’s signls concerning tightening the US monetary policy at a slower pace.
On Friday, the US will publish the Nonfarm Payrolls report, while Canada will also publish its monthly employment report.
Other Developments
At the beginning of the day, the Dollar was hit by the Bank of Japan’s board member Asahi Noguchi who surprised investors by saying the central bank is ready to withdraw stimulus if inflation numbers appear too strong. The USD/JPY pair trades in the 135.40 price zone.
Chinese cities announced they are easing their testing and control coronavirus-related policies. The country has entered a new stage in fighting the virus, according to one top zero-Covid enforcer. The relief news pushed Asian and European shares higher, which in turn, undermined demand for the Dollar.
EUR/USD regained the 1.0500 threshold and trades above it despite softer Euro Area growth figures. GBP/USD hovers around 1.2250 ahead of the US close. The AUD/USD pair trades around 0.6810, while the worst performer was the Canadian Dollar, as USD/CAD ended the day in the 1.3430 price zone.
Gold soared and settled at $1,802 a troy ounce, its highest since August. Crude oil prices were also up, with WTI changing hands at $81.30 a barrel.
Bitcoin price witnesses 44% increase of deposits to all exchanges in November
Economic Data
The US Personal Consumption Expenditures (PCE) Price Index rose by 6% YoY in October, easing from 6.3%. Core PCE inflation came in at 5% in the same period, down from 5.2% in September.
The ISM Manufacturing PMI fell to 49 in November, down from the previous 50.2, being the first time the indicator signals contraction since May 2020.
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