Forex news for New York trade on December 2, 2020:

Markets:

  • Gold up $15 to $1830
  • US 10-year yields up 1.3 bps to 0.94%
  • WTI crude oil up 63-cents to $45.34
  • S&P 500 up 6 points to 3669
  • CHF leads, GBP lags

The dominant theme in FX remains the EUR/USD break above the September highs. After a brief dip back to 1.2050 at the start of New York trade, it got back on track and finishes near 1.21 on a general decline in the US dollar.

The stimulus headlines helped the risk-on mood and weighed on the dollar in the latter half of trade. The commodity currencies took advantage with AUD turning a loss into a decent gain. AUD/USD is now just a few pips from the August high in a break that could mirror what we've seen in the euro.

Cable wasn't so lucky as Brexit talks suffered a setback. The UK offered some concessions on fishing but there are still some big hangups including the UK's internal market bill. The EU is not keen on a potential break of international law and that could derail the talks. Tomorrow is a big day with Frost set to deliver an update.

It's also a big day in the oil market with the OPEC+ meeting all set. There were some positive rumblings, at least on the OPEC side and WTI bounced off the old highs in a nice intraday turnaround.

Gold also continued to add to yesterday's gains. Stimulus talks and dollar weakness are both helping.

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