US Dollar under pressure across the board

By FXStreet FXStreet (Bali) – Today’s US Dollar performance during Asia is a re-play of what we witnessed during the same time last Tuesday, with broad-based weakness in the currency dominant ahead of US Thanksgiving on Thursday, with weakness not being attributed to any particular fundamental drivers.

USD pressured in Asia

EUR/USD has surged all the way to 1.0675, after a successful buying campaign originated sub 1.0650 as Tokyo traders came online. Meanwhile, USD/JPY is in the midst of breaking a key support area at 122.30, while the Aussie is re-testing recent session highs at 0.7275.

Aussie underpinned by base metals

As per inter-correlated markets, gold has taken-off towards 1,080.00, threatening a re-test of yesterday’s high at 1081.50. Copper is consolidating recent solid gains circa 2.067. The metal-base performance continues to support the upside in the Aussie.

Plenty of US data today

Looking ahead, the next US session is packed with data ahead of the Thanksgiving break. As David Fritz, FX Strategist at Nomura, notes: “Durable goods, personal income and spending, PCE deflator, University of Michigan consumer sentiment, and new home sales will all be released on Wednesday. Previously reported data on manufacturing and production suggest that manufacturing activity could stabilize soon, and, given the data, our economists …read more

Source:: FX Street