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Dollar Decline Continues, Putting DXY On Track to Test Nov Lows

FOREX

USD weakness persisted Wednesday, pressuring the USD index to its lowest levels since November 9th. USD weakness was particularly evident against NZD, NOK and JPY, with USD/JPY logging its fifth consecutive session of declines. With the markets' view that fiscal stimulus in the US is highly unlikely, leaving a greater onus on the Fed to prop up the economy headed into the end of 2020.

The downtick in USD/JPY targets the early November lows at 103.18 initially, which would mark the lowest level for the pair since early March.

The single currency also traded poorly, prompting EUR/GBP to break back below the 200-dma at 0.8939 and narrow the gap with early November lows of 0.8861.

Australian jobs numbers, weekly US jobless claims & existing home sales and rate decisions from the Turkish, South African central banks are the highlights Thursday.

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