The high forex space followed up on strong gains within the European equities region that turned tides in the US. The AUD and NZD experienced noticeable gains as GBP followed the bandwagon.
All three currencies recovered well from the supply concerns while the CHF and yen performed relatively worse. On the other hand, the USD performed lower against its trading partners with investors awaiting US data to be released this week. The data holds major significance as the market will close prematurely due to the approaching holiday season.
President Biden also addressed the citizens to talk about the growing COVID cases. The speech did not have any unexpected news as Biden reconfirmed authorities not considering a lockdown currently. The president also encouraged everyone to get vaccinated to slow down the rising cases.
Tuesday witnessed the Philadelphia Fed releasing current account deficit for the third quarter. It included the state’s non-manufacturing index for the month with weekly retail sales (Redbook.)
The data schedule marked a dip in Philadelphia’s non-manufacturing index, which went down to 28.3. The index was placed at 46.1 in November, highlighting almost 18% dip. The authorities also released data related to other services, where it observed solid growth despite the growing number of cases. The ISM is also set to release the national reading on 5th January.
Meanwhile, the nation witnessed an increase in the current account deficit. The gap widened to 214.77 billion dollars in Q3 from 198.32 billion dollars. The data schedule will pick pace as the week closes, and the Gross Domestic Product growth will be the center point of attention.
Even the crypto market is showing signs of recovery as experts speculate a surge in the coming month.