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Strong Single Currency Results in USD Nearing Last Week's Lows

FOREX

Dealmaking was once again the focus for the session, with market prices hinging on negotiations taking place in both Washington DC and Brussels/London. A near-term fiscal deal struck between the White House and Nancy Pelosi looking slightly more unlikely ahead of Pelosi's self-imposed Tuesday deadline.
The prospects of a Brexit deal looked more favourable, with the EU releasing a statement of intent suggesting both sides will 'intensify' their contacts and the political will remains to strike a compromise. As a result, GBP outperformed, with GBP/USD trading either side of the 1.30 handle and the 1.3015 50-dma at the close.

The USD was weaker, with the USD index narrowing the gap with last week's lows at 93.005.

Focus Tuesday turns to US housing starts & building permits data, as well as speeches from BoE's Vlieghe, ECB's de Cos and four different Fed speakers. The RBA minutes are also on the docket.

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