AUD/USD traded somewhat lower on Monday, after it hit resistance near the crossroads of the 0.6800 barrier and the downside resistance line drawn from the high of November 7th. Although the rate continues to trade below that downside line, since November 14th, it’s been failing to go for a lower low.
RBA Governor Lowe will deliver a speech during Asian session on Tuesday.
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GBP/USD is trading at fresh multi-week highs above 1.30. A new opinion poll has shown a widening lead for Conservatives over Labour as Trump visits London. UK Construction PMI hit 45.3 points, above expectations.
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Upbeat Chinese macro data boosted risk appetite and underpinned the kiwi.
The pair caught some aggressive bids on the first day of a new trading week and finally broke out of its near two-week-old consolidative trading range amid a fresh wave of the global risk aversion trade.
An unexpected jump in China’s manufacturing activity in November helped offset recent concerns over the US-China trade deal and provided a goodish lift to perceived riskier currencies like the kiwi.
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Citing three sources familiar with talks, Reuters on Tuesday reported that Russia was unlikely to agree to deepen additional oil output cuts at the Organization of the Petroleum Exporting Countries' (OPEC) meeting in Vienna on December 5th.
Crude oil prices came under renewed bearish pressure on these comments and the barrel of West Texas Intermediate was last seen trading at $55.15 (-0.1%).
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