Forex Today: Dollar remains down on New Year's Eve amid trade hopes, one last data point eyed

31 Dec 2019, 16:38 · Views 1,920

Here is what you need to know on Tuesday, December 31, New Year's Eve:

The US dollar remains on the back foot amid end-of-year positioning and optimism about a Sino-American trade deal. Liu He, China's top trade negotiator, will reportedly visit Washington over the weekend to sign the accord. Both Washington and Beijing are optimistic.

EUR/USD is holding onto 1.12, and GBP/USD is shrugging off Brexit concerns and trades above 1.31.

AUD/USD stands out by topping 0.70 amid encouraging Chinese data. The official Purchasing Managers' Index for the manufacturing sector edged up to 50.2 with improvements in several components.

The US calendar features two house price indexes and the Conference Board's Consumer Confidence gauge for December, which is expected to rise. Monday's mostly upbeat figures, such as a narrower trade deficit, failed to help the greenback.

Oil prices are consolidating around their highs with WTI trading above $61, and Gold is on course to end the year around $1,520.

Cryptocurrencies are stable, with Bitcoin trading above $7,200.

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