Forex Today: US key data releases take centre stage
|The Greenback shrugged off its bearish start to the week and regained decent upward momentum on Tuesday, supported by a modest recovery in US yields. This came as President-elect Donald Trump proposed implementing tariffs on imports from Canada, Mexico, China, and the EU.
Here is what you need to know on Wednesday, November 27:
The US Dollar Index (DXY) rose to two-day highs and reclaimed the area above the 107.00 barrier. The PCE will be the salient event, ahead of the usual weekly Mortgage Applications tracked by MBA, the Chicago PMI, Durable Goods Orders, Personal Income and Spending, Wholesale Inventories, weekly Initial Jobless Claims, Pending Home Sales and the EIA’s weekly report on US crude oil inventories.
EUR/USD quickly faded Monday’s advance and returned to the sub-1.0500 zone following further gains in the Greenback. Germany’s GfK Consumer Confidence will be the only data release along with the speech by the ECB’s Lane.
GBP/USD followed its risk-associated peers and remained on the back foot following an early bullish move above 1.2600.
USD/JPY added to Monday’s decline and receded to multi-day lows just below the 153.00 support following a marked appreciation of the Japanese Yen.
AUD/USD lost further ground and clinched fresh multi-week lows in the 0.6435-0.6430 band amid the resumption of the buying interest in the US Dollar and weak commodity prices. Next on tap in Oz will be the RBA’s Monthly CPI Indicator, followed by quarterly Construction Work Done.
Diminishing geopolitical concerns weighed on crude oil prices on Tuesday, dragging the barrel of the American WTI to multi-day lows near the $68.00 mark.
Gold prices reversed an early pullback to the boundaries of the $2,600 mark per troy ounce, eventually ending the day with marginal gains. Silver prices regained some composure and partially reversed Monday’s pronounced drop, although another test of the $31.00 mark per ounce remained elusive.
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