Global Forex Market
THE US dollar witnessed a sell-off, depreciating by 0.95% to 96.775 following risk-on sentiment permeating global markets. Positive developments include reports stating that the US and China have agreed in principle to a phase-one China trade deal, averting the Dec 15 tariffs hike plan. The deal includes the Chinese buying more agriculture goods as well as potential rollback from existing tariffs; and positive Brexit headlines.
Besides, the dollar was partly dragged lower after Fed chair Jerome Powell delivered a dovish tilt speech during the final Federal Open Market Committee (FOMC) meeting in 2019. He said a rate hike is only needed if there’s a significant, persistent rise in inflation, hinting policy rates will be maintained throughout 2020.
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