USD Weakens Following Mixed Economic Data And Trade War Fears

USD Weakens Following Mixed Economic Data And Growing Trade War Fears

Wednesday 4th December 2019 – 15:05 (GMT)

The dollar continued its poor start to the month following mixed economic data and growing fears of US trade wars. Earlier today, ADP’s employment change figures for November showed only a 67,000 increase which was well below the market expectation of 140,000. This was closely followed by a neutral service sector PMI and a worse than expected ISM non-manufacturing sector PMI.

Analysts have pointed to the escalating trade tensions between the US and China as partly to blame for the economic slowdown whilst comments from President Trump regarding potential European tariffs this week have done little to ease market concerns.

GBP/USD climbed to seven-month highs following the news, moving above $1.31. EUR/USD also rallied to 1.11 for the first time since early November with traders now looking for signs of stabilisation around these key psychological levels.

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