Cautious Trading Ahead of UK Data
The market was cautiously optimistic in Asia on Tuesday on upbeats news headlines and data. Across the forex boards, Kiwi and Aussie gained following upbeat Chinese data and stabilizing the AUB business survey. Meanwhile, the US dollar steadied allowing small gains on other majors.
On the trade front, traders are still waiting amid worries and negative US-China trade headlines. It seems that markets are having lesser trust on the Trump administration when it comes to Chinese tariffs, which will be activated on December 15. On the other hand, odds are rising for a trade deal between the US, Mexico, and Canada (USMCA). As a result, the Canadian dollar ticked higher against the greenback on USMCA optimism.
Heading into the European session, both the Euro and Pound traded better bid, with the possibility of another rally ahead of the UK GDP and Industrial output data. Eurozone and German ZEW surveys are also anticipated. Besides the economic news, the UK political headlines will continue to influence the market with the upcoming UK election on the 12th of December and results on the morning of 13th December.
NOTE: Traders are advised to be cautious and be updated on the major economic news causing high volatility to achieve better trading results.
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