Forex Today: Back to US data and Fedspeak

The US Dollar regained balance and rose to weekly highs on the back of the resurgence of the Trump-infused impulse, all prior to key data releases in the second half of the week as well as comments from Fed’s rate setters..

Here is what you need to know on Thursday, November 21:

The US Dollar Index (DXY) reversed three daily drops in a row and approached the key 107.00 barrier amid higher yields. The usual Initial Jobless Claims are due seconded by the Philly Fed Manufacturing Index, Existing Home Sales, and the CB Leading Index. In addition, the Fed’s Hammack and Goolsbee are due to speak.

EUR/USD weakened further and came closer to the key 1.0500 support on the back of the stronger Greenback. The advanced Consumer Confidence gauge is next on tap seconded by speeches by the ECB’s Cipollone, Buch, Elderson, and Lane.

GBP/USD left behind a two-day recovery and faced renewed downside pressure, prompting it to revisit the 1.2630 zone. Public Sector Net Borrowing figures will be published along with the CBI Industrial Trends Orders, and the speech by the BoE’s Mann.

Rising yield and the bid tone in the US Dollar lifted USD/JPY to three-day highs just below the 156.00 barrier. The usual weekly Foreign Bond Investment figures will be unveiled prior to the speech by the BoJ’s Ueda.

AUD/USD succumbed to the upside momentum in the US Dollar and broke below the 0.6500 support once again. The flash Judo Bank Manufacturing and Services PMIs are expected in Oz.

WTI prices gave away part of the weekly upside momentum, slipping back below the $69.00 mark per barrel despite persistent geopolitical effervescence.

The upside bias in Gold remained in place, sending the metal to multi-day highs north of the $2,650 mark per troy ounce. Silver prices saw their recent advance lose momentum, retreating to two-day lows in the sub-$31.00 zone per ounce.