China cuts import tariffs; weak Canadian GDP pushes CAD lower
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December 23, 2019
EUR/USD 1.1083 GBP/USD 1.2935 USD/CAD 1.3170 AUD/USD 0.6917 USD/JPY 109.40 USD/CNH 7.0097 USD/ILS 3.4714 USD/MXN 18.9678 USD/CHF 0.9813 USD/INR 71.1937
USDUS dollar dipped initially after news from China that the country would cut import tariffs. The dollar has reversed losses and strengthened against its peers, the British pound is the weakest of the lot.GBPSterling weakened for the fifth day, dropping 0.2% versus the US dollar. The British pound is set for its longest losing streak since May, as anxiety around a no-deal Brexit is renewed and as trading is thin heading into year-end holidays.EUREURUSD remains largely range bound between $1.0981 and $1.1179. The currency pair had hit an eight-month high in the immediate response to the UK’s election on December 12th.CADUSDCAD strengthened after the GDP report from Canada hitting a level of 1.3171. Crude oil continues to remain weak following 3 weeks of losses. The commodity fell as US shale explorers increased drillings and as news from Kuwait signal a deal with Saudi Arabia to renew crude output along the border.ASIA/PACIFIC
News from China that stated the country would cut tariffs on a range of imports as of January 1 pushed the Australian dollar to its highest level in more than a week. USDJPY remains largely unchanged following two straight weekly gains. Minutes from the October meeting for Bank of Japan are due.