US dollar
The dollar dipped against riskier currencies on Tuesday as hopes for a COVID-19 vaccine, big corporate deals and upbeat Chinese figures improved investor appetite for riskier assets.
GBP/USD is failing to benefit from the greenback’s decline. The House of Commons passed the controversial Internal Markets bill which violated the Brexit accord with the EU. Several members of Prime Minister Boris Johnson’s Conservative Party said they would vote against the legislation when it comes to a final read next week.
EUR/USD is on the rise, shrugging off rising COVID-19 cases in the old continent and benefiting from the European Central Bank’s lax approach to the exchange rate as expressed last week. The German ZEW Economic Sentiment is eyed.
USD/JPY is trading on low ground below 106, seemingly unaffected by the ascent of Yoshihide Suga to lead Japan. The outgoing prime minister’s right-hand man will assume office on Wednesday.
Oil prices are struggling to rise amid reports that OPEC+ countries are unlikely to deepen petrol production cuts. Gold is on the rise, breaking out of range and hitting the highest since early September as the weaker dollar and negative yields are underpinning the precious metal.
Tuesday’s European docket sees the release of the Eurozone and German ZEW Survey, which will be looked upon for some impetus. The US economic docket features the release of the Empire State Manufacturing Index and Industrial Production data, which could influence the USD price dynamics and produce some trading opportunities.