NY Open: Twenty pounds of headlines
Markets started the day in a confusion of incoming news as ECB chatter met with trade talk updates and US macro data. EURUSD took it on the chin and dropped from 1.1270 to 1.1235.
Head of Commodity Strategy
Summary: US dollars were in high demand ahead of the G20 summit, with the combined dollar long rising to an almost two-year high in the week to November 27.
Ahead of the G20 meeting and dovish rate comments from Fed chairman Powell, speculators had further increased bullish dollar bets against nine IMM currency futures. In the week to November 27 they the combined dollar long rose by $1.2 billion to 30.2 billion, a near two-year high.