The Greenback remained largely on the defensive on Tuesday, retreating to three-week lows amidst heightened expectation ahead of the outcome of the US election and the upcoming Fed meeting.
Here is what you need to know on Wednesday, November 6:
The US Dollar Index (DXY) extended its bearish move, revisiting the proximity of 103.40 despite a decent rebound in US yields across the curve. The usual weekly Mortgage Applications are due, followed by the EIA’s weekly report on US crude oil inventories.
Extra gains lifted EUR/USD to fresh four-week tops near 1.0940, a region also coincident with the interim 100-day SMA. The final HCOB Services PMI in Germany and the euro area are due along with Germany’s Factory Orders and the EMU’s Producer Prices. In addition, the ECB’s Buch and De Guindos are due to speak.
GBP/USD reclaimed the 1.3000 barrier and beyond, up for the fourth session in a row and reaching new multi-day highs. The S&P Construction PMI will be published.
USD/JPY came under further downside pressure and receded to the 151.40-151.30 band, or two-week lows. Next on tap comes the BoJ Minutes and the final Jibun Bank Services PMI.
AUD/USD advanced past the 0.6600 hurdle, surpassing the key 200-day SMA and hitting new two-week peaks on the back of the weaker US Dollar. The RBA’s Chart Pack will be unveiled.
WTI prices advanced to three-week highs north of the $72.00 mark per barrel before giving away all those gains and remain slightly negative for the day, as traders kept assessing the recent decision by the OPEC+ to postpone its planned oil output increase in December.
Gold prices added to Monday’s slight gains and retested the $2,750 region per ounce troy on the back of steady caution ahead of the US election. Silver prices followed suit and rose to two-day highs near the $33.00 mark per ounce.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Gold picks up pace and flirts with $3,330, all-time peaks Premium
Gold now gathers extra steam and advances to the $3,330 region per troy ounce, reaching an all-time high. Ongoing worries over escalating US-China trade tensions and a softer US Dollar continue to underpin demand for the metal ahead of Powell's speech.
EUR/USD remains in a consolidative range below 1.1400
EUR/USD navigates the latter part of Wednesday’s session with marked gains, although another test of the 1.1400 level remained elusive. The strong bounce in spot came on the back of a marked move lower in the US Dollar, which remained apathetic following the neutral stance from Chair Powell.
GBP/USD alternates gains with losses in the low-1.3200s
Even as the dollar retreats, GBP/USD continues to linger in the 1.3220–1.3230 range, forfeiting much of its intraday rally from multi‑month highs near 1.3300. Softer UK inflation data on Wednesday seem to have capped Cable’s upside.
Bitcoin stabilizes around $83,000 as China opens trade talks with President Trump’s administration
Bitcoin price stabilizes around $83,500 on Wednesday after facing multiple rejections around the 200-day EMA. Bloomberg reports that China is open to trade talks with President Trump’s administration.
Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.