Forex Today: Dollar’s sell-off sees no bottom

Here is what you need to know on Friday, December 4:

 Optimism about a US stimulus package somehow faded after Senate Majority Leader Mitch McConnell rejected the bipartisan $908 billion proposal. US Treasury yields retreated from their weekly highs on such headline, closing the day in the red. The dollar got hit by the headline that had no impact on equities.

Dollar’s sell-off resulted in fresh 2020 highs for EUR/USD, GBP/USD, AUD/USD and USD/CAD. The USD/CHF pair fell sub-0.90 to levels last seen in 2015.

The pound retreated from 1.3499 to the 1.3430 price zone on the back of discouraging Brexit headlines. Market talks point to a turn for the worse in trade talks between the UK and the EU, as divergences around fisheries and a level playing field remain unsolved.

The US reported almost 200K new coronavirus contagions in one day, and roughly 2,700 deaths, record highs. The news was partially overshadowed by hopes related to vaccines as Russia and the UK announced they will start the distribution in the next few days.

Gold posted a modest intraday advance, nearing 1,840. WTI had a better performance, settling at $45.60 a barrel after the OPEC+ agreed to lower oil output cuts to 7.2 million bpd from January 2021.

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