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FOREX: Greenback nears 2020 high on supportive data
- The greenback was lent some support following stronger-than-expected ISM
non-manufacturing PMI, November factory orders and trade balance numbers. While
the manufacturing ISM last week disappointed, Tuesday's release bucked the
trend, showing the Q3 services sector weakness may have been shortlived. Similar
signs were seen in factory orders data and trade balance, which showed the
US-China trade gap shrank to a six year low.
- Dollar strength kept most major pairs under pressure, most evident in the AUD,
which sank for a fifth consecutive session as traders continue to ratchet higher
the implied probability that the RBA will cut rates as soon as February. AUD/USD
cracked through support at both the 200- and 50-dmas Tuesday. Elsewhere, implied
vols inched lower for most DMFX as the recent oil price rally stalled. There was
very little sign of further escalation between the US/Iran, prompting a >1%
retreat in WTI and Brent crude futures.
- German factory orders and US ADP employment change take focus Wednesday as
well as speeches from ECB's de Guindos and Fed's Brainard.