December 9: MARKET OVERVIEW
US dollar retraced lower versus all the currencies but AUD and NZD. Oil prices hit fresh five-year lows, leaving the other commodities pressured.
Australian dollar fell to the new low of 0.8220 as NAB report added concerns.NAB November business confidence came at 1 versus prior 5. What’s more, NAB calls for a much weaker Aussie and now forecasts 2 RBA rate cuts in March and August.
USD/JPY retraced to 119.70 on the back of the increased risk aversion. Most Asian equities and Nikkei were lower, what could have impacted the USD/JPY rate.
EUR/USD recovered to 1.2320. while GBP/USD – to 1.5655. Sterling awaits Manufacturing Production data at 9:30 GMT (forecast – downbeat).