US Dollar Gains Dominance Amidst Other Riskier Assets in the Face of Hard Brexit and Muted Trade Talks

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Among its G10 peers, the US dollar performed beyond expectations racing past others to be at the forefront. As the fears about a hard Brexit resurfaces, following Boris Johnson’s move to prevent further Brexit extension beyond next year and also a revised WAB to be voted on by British MPs this week, the Pound took a downtrend. Sterling fell by 0.14% to trade at $1.3112.

The recent preliminary trade pact which brought the US and China in agreement over certain terms and a measure of tariffs roll back seemed to be favorable to the dollar as it gained strength against a basket of currencies while this seemed to weigh on the AUD in its USD pairing.

The safe-havens such as the Japanese yen and gold remained pressured. The yen being affected by an uprising escalation between Japan and Russia as the latter held five of Japan’s fishing ships hostage recently.

Slow-moving GBP/USD pair showed signs of retracement breaking the 1.31 trend line despite hitting the least of daily lows recorded since 2018 on Tuesday while EUR/USD ranged above 1.1100.

USD/JPY traded slightly below 109.50 while Gold ranged below $1480. Recent monetary policy conditions of the Reserve Bank of Australia saw the Aussie taking a plunge. The Kiwi dollar took the reversal trend buoyed by recently released New Zealand’s 3rd quarter GDP figures.

In Eurozone, S&P 500 futures traded negative. Brent crude retraced from 3-month highs consequently from a surge in US Crude Stocks for the week.

Daily Market Outlook
Due out later today is Germany’s Ifo Business Climate Index numbers and sub-indexes figure for December. It is seen that Current Assessment figures and business expectations will count while the Business Climate Index will predominantly be most impactful on the Euro.

Due out later today is the final estimate for November inflation to be released out of the Eurozone, in which monthly consumer prices will be at the center of attention. Inflation stats will be most impactful on the EUR and the Pound. Brexit sentiments will mount more pressure on the Pound.

Investors await ECB’s head, Christiane Lagarde’s speech on the latest monetary policy earlier in the day.

Euro’s current standing is -0.03% to trade at $1.1113