The dollar started the week in the red after concerns about the political situation in the US eased after President-elect Trump revealed his candidate for US Treasury Secretary. There was also news weighing on the US dollar, citing potential ceasefire negotiations in the Middle East.
Here’s what you need to know on Tuesday, November 26:
The US dollar index (DXY) retreated to two-day lows and returned to the area of ​​106.60 on Monday. The most crucial event in the US will be the FOMC protocol, accompanied by the FHFA house price index, the S&P/Case-Shiller house price index and modern home sales. Additionally, the Conference Board Consumer Confidence Score will be released along with the Richmond Fed Manufacturing Index, the Dallas Fed Services Index and API’s weekly U.S. Crude Oil Stocks Report.
The EUR/USD rate started the week with a mighty offer bias, rebounding to the 1.0500 mark and higher thanks to the mighty sell-off of the dollar. McCaul from the ECB will be speaking.
GBP/USD reversed three straight daily declines and briefly managed to break above the key barrier of 1.2600. The CBI Distribution Trade Center will take center stage across the English Channel.
The edged decline in the dollar combined with the overall decline in US yields accompanied the decline in the USD/JPY rate, which retested the mid-153.00 level. Next on the Japanese calendar will be the usual weekly foreign bond investment data on November 28.
AUD/USD recovered from initial losses, managed to regain the 0.6500 level and finally ended the day with modest gains. The next data release for Down Under will be the RBA’s monthly CPI and third quarter construction works, both due on November 27.
WTI prices fell to multi-day lows in the region below $69.00 per barrel in response to easing geopolitical concerns surrounding the Israel-Lebanon crisis.
Gold prices fell to around $2,600 per troy ounce on the likelihood of ceasefire talks in the Middle East conflict. Silver prices followed suit and fell to two-week lows near the key level of $30.00 per ounce.
