(02 December 2020)DAILY MARKET BRIEF 2:AUD/USD is up

(02 December 2020)DAILY MARKET BRIEF 2:AUD/USD is up

2 December 2020, 11:48
Jiming Huang
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In the commodity market, oil prices maintained the bearish stance as OPEC+ delayed a meeting to decide the continuation of production cuts beyond January. The meeting was delayed from Tuesday to Thursday. Also, prices are under pressure as the American Petroleum Institute said that US crude supply rose by 4.1 million barrels last week, while analysts expected a draw of 2.4 million. WTI has lost 0.85% to $44.17, and Brent fell 0.76% to $47.06.

Gold is declining amid increased optimism over vaccines and a new stimulus package. Still, the metal managed to recover yesterday and break above $1,800. Gold futures are down 0.20% to $1,815.

In FX, the US dollar can’t attempt recovery as the risk appetite is lifted by the vaccine news and stimulus talks. The USD Index is down 0.14% to 91.168, close to the lowest level in two and a half years. EUR/USD is up 0.05% to break above 1.20 for the first time since April 2018.

AUD/USD is up 0.05% on Australia’s upbeat GDP data.

By Strategy Desk


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