US dollar is trading ambiguously against the majors. The US currency declines against the yen, strengthens against the Australian dollar and shows lateral trend paired with the euro and the pound. The report on the state of the US economy Beige Book published yesterday by the Fed did not affect the rate of the instrument much. The report notes that the economy is growing moderately, and there is a modest growth rate only in some regions. At the same time, there is a steady upward trend in wages. Today, investors expect the publication of data on ADP Nonfarm Employment Change (15:15 GMT+2), Initial Jobless Claims (15:30 GMT+2), Services PMI (16:45 GMT+2) and ISM Non-manufacturing PMI (17:00 GMT+2).

EUR/USD

The pair EUR/USD is consolidating at 1.1346 during the Asian session. In the absence of news from euro area, the movement of the instrument will be influenced by the statistics from the United States. Investors continue monitoring the development of the situation around Italian budget. Earlier, Italian Prime Minister Giuseppe Conte had already softened his position, allowing the possibility to lower the national debt below 2.4%, and Finance Minister Giovanni Tria promised that the three percent deficit rule would not be violated. Now the market is waiting for the publication of specific figures of the new budget of Italy.

GBP/USD

After yesterday's active growth, the pair GBP/USD dropped to 1.2713. Today, the debate on the Brexit deal in the House of Commons will continue. The final vote on this issue will be held on December 11.

USD/JPY

The USD/JPY pair dropped to 112.69 during the Asian session. Against the background of the absence of macroeconomic releases, the movement of the instrument's rate is of a technical nature.

AUD/USD

The pair AUD/USD is showing descending dynamics having dropped to 0.7232 during the Asian session. In addition to poor Q3 GDP data, pressure on the pair is exerted by data on Australia’s trade balance published today. The figure fell to 2.316 billion in October from 2.940 billion a month earlier.

Gold

Gold shows moderate growth rising to the level of 1239.50 during the Asian session.

Morning Market Review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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