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Markets Lifted by Strong US GDP; AUD/USD Eyes 0.6701 Amid Holiday Calm

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Forex Market 

USD Softens Ahead of Christmas; AUD/USD Tests Key Level as Strong US GDP Caps Losses
The US dollar weakened for a second consecutive session amid thin holiday liquidity, allowing major currencies to edge higher before the USD pared losses following an upside revision to US Q3 GDP (+4.3% YoY). AUD/USD tested the 0.6700 level as Asia came online, supported by firmer commodity prices and gains in local equities, before settling near 0.6690 into the Sydney open.
During the European session, continued USD softness saw AUD/USD briefly trade above 0.6700, while NZD/USD reached 0.5843 and EUR/USD and GBP/USD pushed to new highs of 1.1802 and 1.3518, respectively. USD/CAD fell to 1.36895, while USD/JPY dipped to 155.65.
Into the New York morning, the stronger GDP print helped the USD recover modestly, pulling most major pairs back toward mid-range levels. Trading remained subdued through the NY afternoon, with tight ranges prevailing amid holiday-thinned liquidity.

General Market

Wall Street
  • S&P 500: +0.4% (6,907)
  • Dow Jones: +0.2% (48,458)
  • Nasdaq: +0.5% (23,543)
  • VIX: -1.7% (13.84)
Asia-Pacific
  • Nikkei: 0.0% (50,413)
  • Shanghai Comp: +0.1% (3,920)
  • ASX 200: +1.1% (8,796)
Europe
  • FTSE: +0.2% (9,889)
  • DAX: +0.2% (24,340)
  • CAC: -0.2% (8,104)

 

Headlines to Watch

US
  • Initial Jobless Claims for Dec 20. Only major US data release today; markets likely to remain quiet due to holiday period.
  • US-China semiconductor tariff headlines: No tariffs until June 2027.
Australia
  • RBA December meeting minutes signal potential upside risks; watch upcoming Nov & Q4 CPI in January.
  • AUD/USD eyeing 0.6700 for the first time since Nov 2024 amid thin holiday liquidity.
Asia/Europe
  • European equities mixed with modest gains; EUR/USD and GBP/USD pushed to new highs as USD slipped.
  • Asian equities closed mixed: Shenzhen +0.2%, Hang Seng -0.1%, Nikkei flat.
Commodities & Rates
  • WTI Crude +0.7% to $58.40/bbl; Gold +1.1%, Silver +3.2%.
  • US 10Y yield steady at 4.17%; Aussie 10Y down to 4.75%.
Currency Pair Mid-market Rate
AUD/USD 0.6701
AUD/NZD 1.1471
AUD/JPY 104.67
AUD/CNY 4.7077
AUD/EUR 0.5683
AUD/GBP 0.4959
AUD/HKD 5.2118

 

 

 

 

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