Forex Today: Risk-off at the weekly opening

FXStreet Team FXStreet

Here is what you need to know on Monday, November 16:

The US continues to report record coronavirus infections. On Friday, the country informed over 184K new cases in the past 24 hours, while US President Donald Trump announced the imminent distribution of COVID-19 vaccines. The announcement was taken with a pinch of salt and considered a political movement. Elections remain undefined as Trump refuses to concede and continues its legal battle.

Several US states have announced measures to fight the ongoing coronavirus outbreak, announcing curfews, and even localized lockdowns. The health system is not stressed in the US, but at the current pace of contagions, it won’t take long. In Europe, the situation is quite alike, although the health systems are on a brink of collapsing.

Brexit-related weekend news were also worrisome. Ireland’s Foreign Minister Simon Coveney said that the two sides are still apart on fishing rights, adding that if the UK passes the Internal Market Bill, chances of an agreement will be off. On Sunday, UK negotiator, David Frost, said that the UK will not change its stance as it seeks a post-Brexit deal with the EU. The United Kingdom has quite a scarce macroeconomic calendar this week, with nothing scheduled until Wednesday when the country will publish October inflation data.

Wall Street closed the week with substantial gains, despite persistent uncertainty about the presidential election and the pandemic. US Treasury yields retreated from weekly highs but finished it with gains.

Gold advanced on Friday and settled at $1,889.00 a troy ounce. Crude oil prices, on the other hand, remained under pressure and WTI closed at $40.00 a barrel.

Ripple Price Forecast: XRP tests key Fibo resistance near $0.27

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FXStreet Team

FXStreet

EUR/USD loses traction, breaks below 1.1900

EUR/USD comes under extra downside pressure, breaching below the 1.1900 support once again on Tuesday. The improved tone in the US Dollar keeps the pair on the back foot after two consecutive daily advances. In the meantime, prudence is expected to kick in ahead of the release of the key US Nonfarm Payrolls on Wednesday.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.