Forex Today: Dollar comes back to life on month-end flows

Here is what you need to know on Tuesday, December 1:

 The greenback fell at the beginning of the day but managed to close the day with gains against most major rivals. The dollar’s recovery was mostly due to profit-taking as the month came to an end, exacerbated by the poor performance of Wall Street.  

EUR/USD peaked at 1.2020 while the AUD/USD pair reached 0.7406, both multi-month highs. The USD/CAD pair fell to 1.2923, its lowest since November 2018.

The GBP/USD pair, however, seesawed within familiar levels, amid the lack of progress in Brexit talks. This Monday, Irish Foreign Minister Simon Coveney warned that a trade deal between the UK and the EU would likely fail if there’s no agreement on fisheries, saying that is a more difficult issue than a level playing field. Meanwhile, the European Commission spokesperson said that whether there is a Brexit deal or not, people and businesses need to be prepared as things will change.

European stocks closed the day in the red but posted the best month in almost 35 years. Wall Street had similar behavior, losing ground daily basis, but with indexes posting their best-ever monthly close.

Another company has reported high levels of effectiveness in its coronavirus vaccine. Moderna announces its product is over 94% effective in preventing contagions. Moderna has also announced it will seek approval for emergency use in the US and Europe.

Gold prices remained under selling pressure, with spot ending the day around $1,780 a troy ounce after falling to a fresh multi-month low of 1,764.25

Crude oil prices were unchanged daily basis, as the OPEC+ meets to decide whether to extend its output cuts or not.

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