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Market wrap: dollar firm, commodities soft, but oil +0.7% gain - ANZ

 Analysts at ANZ explained that the USD had a firmer tone during the London session as optimism over the tax bill working its way through Congress continued to lend some support. 

Key Quotes:

"However, EUR/USD still remains confined to a relatively narrow 1.18-1.1870 range. 

US data releases were on the slightly softer side, with the October trade deficit widening as imports jumped and the ISM non-manufacturing index falling from a 12 year high. It still remains very strong though, as did the Euro Area PMI (57.5 vs 56.0)."

"Growth in the US and Euro Area is ending 2018 on a strong note and lead indicators point to solid momentum into early 2018. 

Equities maintained a firmer tone in the US, but finished lower in Europe. Fixed income was little changed. 

The curve flattened a touch in Europe and in the US short-term yields pushed higher (rising Fed expectations next year), but US-10 year was largely unchanged at the time of writing. 

Commodity prices slipped with weaker industrials and softs, but oil managed to lift a touch (0.7%)."

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