Confidence in the U.S. economy is propelling markets higher this evening on the back of strong Existing Home Sales (actual 6.54M vs. forecast 6.24M) and despite an unexpected drop in U.S. Final Q3 GDP (actual 2.2% vs. forecast 2.8%). U.S. equities are moderately higher and Treasury yields are climbing as well. In parallel, USD is marking new gains against most majors as the USD carry trade unwinds. Pound sterling has been particularly hard hit by the greenback's advance, and it is currently trading below 1.6000 for the first time since October. The Aussie is also on the back foot and AUDUSD is trading below 0.8800 at the time of writing. What began at the beginning of December with the rebound in employment has snowballed into a broad-based USD rally. In other news, crude oil is rallying above $74, but USD strength has been an impediment to gains recently and the turbulent oil-usd relationship should ensure continued volatility this week.
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