The Greenback started the week on the back foot following alleviated concerns surrounding the US political backdrop after President-elect D. Trump unveiled his pick for US Treasury Secretary. Also weighing on the US Dollar emerged news citing potential ceasefire negotiations in the Middle East.
Here is what you need to know on Tuesday, November 26:
The US Dollar Index (DXY) retreated to two-day lows and revisited the 106.60 region on Monday. A busy US docket will feature the FOMC Minutes as the salient event, seconded by the FHFA’s House Price Index, the S&P/Case-Shiller Home Price index, and New Home Sales. In addition, the Conference Board’s Consumer Confidence is due along with the Richmond Fed Manufacturing Index, the Dallas Fed Services Index, and the API’s weekly report on US crude oil inventories.
EUR/USD started the week on a strong bid bias, reclaiming the 1.0500 hurdle and above on the back of the strong sell-off in the Greenback. The ECB’s McCaul is due to speak.
GBP/USD reversed three daily drops in a row and briefly managed to trespass the key 1.2600 barrier. The CBI Distributive Trades will take centre stage across the Channel.
The sharp drop in the Greenback coupled with declining US yields across the board accompanied the move lower in USD/JPY, which retested the mid-153.00s. Next on tap on the Japanese calendar will be the usual weekly Foreign Bond Investment figures on November 28.
AUD/USD trimmed initial losses and managed to regain the 0.6500 yardstick and eventually end the day with humble gains. The next data release Down Under will be the RBA’s Monthly CPI Indicator and the Q3’s Construction Work Done, both due on November 27.
WTI prices sold off to the area of multi-day lows in the sub-$69.00 region per barrel in response to mitigated geopolitical concerns around the Israel-Lebanon crisis.
Prices of Gold plummeted to the vicinity of the $2,600 region per troy ounce on the back of the likelihood of ceasefire talks in the Middle East conflict. Silver prices followed suit and eased to two-week lows near the key $30.00 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
EUR/USD erases gains to trade near 1.1050 ahead of US NFP, Powell
EUR/USD has erased gains to trade neutral near 1.1050 in the European session on Friday. The US Dollar breathes a sigh of relief after the trade war and recession fears-led sell-off, weighing on the pair. Traders look to the US NFP report and Fed Chair Powell's speech for fresh directives.
GBP/USD returns to the red near 1.3050 as US NFP data looms
GBP/USD is under heavy selling pressure near 1.3050 in European trading on Friday. Traders resort to profit-taking on their US Dollar short positiions, adjusting ahead of the critical US Nonfarm Payrolls data and Fed Chair Powell speech.
Gold price sticks to negative bias around $3,100; bears seem non-committed ahead of US NFP report
Gold price meets with a fresh supply on Friday, though the downside potential seems limited. Trump’s tariffs-inspired risk-off mood might continue to act as a tailwind for the precious metal. Fed rate cut bets weigh on the USD and also contribute to limiting losses for the XAU/USD pair.
XRP finds new lifeline as Coinbase Derivatives eyes XRP futures on April 21
Ripple price reclaims the $2.00 support level and trades at $2.06 at the time of writing on Friday in the wake of a drawdown to $1.96 during Thursday’s session. Traders continue to exercise caution after Trump’s tariffs hit 100 countries, as per a CryptoQuant report.
Trump’s “Liberation Day” tariffs on the way
United States (US) President Donald Trump’s self-styled “Liberation Day” has finally arrived. After four straight failures to kick off Donald Trump’s “day one” tariffs that were supposed to be implemented when President Trump assumed office 72 days ago, Trump’s team is slated to finally unveil a sweeping, lopsided package of “reciprocal” tariffs.
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.