Here’s what you need to know on Monday, December 2:
The US Dollar (USD) gains strength against its main rivals to start the month of December. The US economic calendar will include construction spending for October and ISM manufacturing PMI data for November. During European trading hours, market participants will closely monitor Sentix investor sentiment for December and the Eurozone October unemployment rate.
US Dollar PRICE Today
The table below shows the percentage change of the US Dollar (USD) against major currencies today. US dollar was the strongest currency against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.47% | 0.28% | 0.41% | 0.24% | 0.08% | 0.25% | 0.40% | |
| EUR | -0.47% | -0.23% | -0.05% | -0.22% | -0.30% | -0.21% | -0.04% | |
| GBP | -0.28% | 0.23% | 0.17% | 0.01% | -0.06% | 0.02% | 0.16% | |
| JPY | -0.41% | 0.05% | -0.17% | -0.18% | -0.30% | -0.14% | -0.08% | |
| CAD | -0.24% | 0.22% | -0.01% | 0.18% | 0.00% | 0.02% | 0.14% | |
| AUD | -0.08% | 0.30% | 0.06% | 0.30% | 0.00% | 0.08% | 0.22% | |
| NZD | -0.25% | 0.21% | -0.02% | 0.14% | -0.02% | -0.08% | 0.16% | |
| CHF | -0.40% | 0.04% | -0.16% | 0.08% | -0.14% | -0.22% | -0.16% |
The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change shown in the box will represent USD (base)/JPY (quote).
Over the weekend, US President-elect Donald Trump wrote in Truth Social that BRICS nations would face 100% tariffs if they created a new currency to replace the USD. “There is no chance of the BRICS replacing the US dollar in international trade, and any country that tries should say goodbye to America,” he said. After losing more than 1.5% the previous week, the USD recovers early on Monday and remains in positive territory above 106.00 in the European morning. Meanwhile, US stock index futures are trading in negative territory, pointing to a cautious market at the start of the week.
During Asian trading hours, data from Australia showed that retail sales rose 0.6% month-on-month in October. This reading followed the 0.1% increase recorded in September and exceeded the market expectation of 0.3% growth. AUD/USD largely ignored this data and was last seen moving sideways slightly above 0.6500.
EUR/USD closed the day in positive territory above 1.0500 on Friday and posted weekly gains. The pair corrects lower early on Monday and fluctuates in the red below 1.0550.
After rising more than 1.5% last week, GBP/USD goes down and trades around 1.2700 in the European morning. UK data showed Nationwide house prices rose 1.2% month-on-month in November.
Gold posted gains on Friday but failed to maintain its recovery momentum at the start of the week. At press time, XAU/USD was trading below $2,630, losing almost 1% on the day.
USD/JPY extended its decline on Friday and lost more than 3% for the week. The pair bounces towards 150.50 in the European morning, gaining almost 0.5% on the day.
BRICS FAQs
BRICS is the acronym that designates the group of Brazil, Russia, India, China and South Africa. The name was created by Goldman Sachs economist Jim O’Neill in 2001, years before the alliance between these countries was formally established, to refer to a group of developing economies that were predicted at the time to lead the world economy. in 2050. The bloc is seen as a counterweight to the G7, the group of developed economies made up of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The BRICS are a bloc that aims to give voice to the so-called “Global South”. The alliance often has similar views on geopolitical and diplomatic issues, but still lacks clear economic integration, as the governance systems and cultural divergences between its members are significant. Even so, it holds annual summits at the highest level, coordinates multilateral policies and has launched initiatives such as the creation of a joint development bank. In August 2023, the group announced that six more members were invited to join the bloc: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.
According to data from the International Monetary Fund, the BRICS alliance (not counting the six new members invited to join the group) represents 32% of the world economy measured in purchasing power parity as of April 2023, compared to 30% for the G7 group. .
There is growing speculation about the possibility of the BRICS alliance creating a currency backed by some type of commodity, such as gold. The proposal aims to reduce the use of the US dollar, the dominant currency, in cross-border economic exchanges. At the 2023 BRICS summit, the group highlighted the importance of encouraging the use of local currencies in international trade and financial transactions between the bloc’s members, as well as with their trading partners. The group also tasked finance ministers and central bank governors to “consider the issue of local currencies, payment instruments and platforms” to this end. Although the bloc’s de-dollarization strategy seems clear, the creation and implementation of a new currency appears to have a long way to go.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
