Other news

The U.S. dollar moved lower again last week. However, economists at TD Securities believe the currency is going to strengthen ahead of the Consumer Price Index (CPI) data for November and the Federal Reserve (Fed) meeting in December.

At its December meeting, the Reserve Bank of Australia (RBA) raised interest rates by 25 basis points to a 10-year peak of 3.1%.

It’s reported that the rise in gold has started to slow down. TD Securities economists say the XAUUSD pair could become risky for bulls.

Oil prices rose on Tuesday. This happened due to sharp losses in the previous session, which resulted in an opportunity for profitable purchases, as well as the fact that markets have bet on the recovery of demand in China.

Last quarter the current account of Australia showed a deficit for the first time in three years. In the July-September quarter, the deficit was A$2.3 billion.

Japanese household spending increased 1.1% in October compared with the previous month. In contrast to the previous year, spending increased by 1.2%, thereby exceeding analysts' forecasts.

This year, the Russian rouble has become one of the few currencies that managed to outperform the U.S. dollar. However, according to the forecast of MUFG Bank economists, the rouble’s strengthening will stop next year, and it will weaken again, as the dollar itself.

On the agenda are the Bank of Australia's interest rate decision, the US-Canada trade balance and business activity in Canada and the UK.

Despite a rapid rise in inflation, Bank of Japan (BOJ) Deputy Governor Masazumi Wakatabe warned central banks about a continuing risk of so-called “Japanification”, or economic stagnation.

The U.S. Dollar Index (DXY) is down 40% from its spring 2021 levels. At the same time, economists at Société Générale expect an even greater decline.