Forex Today: Optimism weighs on the US Dollar as markets remain quiet

Matías Salord FXStreet

During the Asian session, New Zealand Q3 Retail Sales and Japan CPI and PMI data are due. Later in the day, the German Q3 GDP and the IFO Survey. Canada will release Retail Sales data. Additionally, the US PMI and Canada Retail Sales will also be published.

Here is what you need to know on Friday, November 24:

The US Dollar dropped modestly on Thursday in a low-volume session, with US markets closed due to Thanksgiving. The holiday shopping season starts in the US with Black Friday.

The US Dollar Index (DXY) held below 104.00 and settled around 103.75. Wall Street futures are in positive territory after European markets posted gains.

No official data is due from the US on Friday, and it will be a shortened session on Wall Street. The US S&P Global PMI is due, with a slight deterioration expected in the Services sector from 50.6 to 50.4 and in the Manufacturing sector from 50 to 49.8.

The Euro received a modest boost from Eurozone PMI data that surpassed expectations. The European Central Bank's account of the latest meeting offered no new information. EUR/USD is consolidating around 1.0900, moving without a clear direction, although the main trend is up. On Friday, a new reading of German Q3 GDP is due, along with the IFO Survey. ECB President Christine Lagarde will speak at an event in Frankfurt, but it is not expected that she will share views on monetary policy.

Analysts at Commerzbank on EZ PMI:

Today's data is therefore likely to fuel speculation about an ECB rate cut. However, we continue to believe that such a move is unlikely in the near future given the still high underlying inflationary pressures.

The Pound outperformed on Thursday, boosted by UK PMI data. GBP/USD hit a two-month high and then pulled back modestly to 1.2530. EUR/GBP posted its lowest close in three weeks, slightly below 0.8700.

USD/JPY rebounded during the American session back to the 149.60 area, confirming the recent recovery. Japan will report the Consumer Price Index for October. Also due is the Jibun PMI.

Japan CPI Preview: Forecasts from four major banks, inflation likely picked up

NZD/USD held above 0.6000 but remained limited by 0.6050. New Zealand will report Q3 Retail Sales.

USD/CAD hit weekly lows near 1.3650 but then rebounded back to the 1.3700 area, holding above the 55-day Simple Moving Average. Canada will report September Retail Sales on Friday.

AUD/USD rose despite Australian PMI hitting multi-month lows. The pair is hovering around 0.6550 amid subdued price action.

Like this article? Help us with some feedback by answering this survey:

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD keeps the bid bias just over 1.1800

EUR/USD has started the week on a positive foot, hovering around the 1.1800 region in the latter part of Monday’s session. The pair’s recovery comes on the back of a decent decline in the US Dollar, as investors keep their attention on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.