Forex Today: UK inflation comes next amid doubts around extra BoE easing

The US Dollar navigated without a clear direction in a context dominated by the resurgence of Russia-Ukraine geopolitical concerns and the subsequent search for safe havens.

Here is what you need to know on Wednesday, November 20:

The US Dollar Index (DXY) maintained its trade in the low-106.00s amid further weakness in US yields across the curve. Second-tier releases will feature the usual MBA Mortgage Applications, and the EIA’s weekly report on US crude oil inventories.

EUR/USD faltered once again around the 1.0600 region against the backdrop of investors’ flight-to-safety stance. Markets’ attention will be on the publication of the ECB’s Negotiated Wage Growth, EMU’s Construction Output and Germany’s Producer Prices. In addition, the ECB’s Lagarde and De Guindos are due to speak.

GBP/USD failed to extend Monday’s strong advance, coming in short of another test of the 1.2700 barrier. The release of UK’s Inflation Rate will be at the centre of the debate across the Channel.

USD/JPY dropped to new lows on the back of safe haven demand, although it managed to recoup most of those losses as the NA session drew to a close. The October’s Balance of Trade results will be unveiled.

AUD/USD kept its weekly recovery intact, surpassing the 0.6500 hurdle, or four-day highs. The Leading Index tracked by Westpac will be the only data release in Oz.

Prices of WTI rose modestly and approached the key $70.00 mark per barrel as investors remained wary of geopolitical concerns.

Gold prices clinched their second consecutive daily advance and extended the breakout of the $2,600 mark per troy ounce. In the same line, Silver climbed to multi-day peaks further north of the $31.00 mark per ounce.

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