Forex Today: Dollar bulls on pause ahead of critical central banks’ announcements
|What you need to know on Tuesday, November 2:
The greenback edged lower against most major rivals on Monday, but its bullish potential remains intact. Market participants were cautiously optimistic pushing global equities higher and favoring a modest uptick in government bond yields. However, several central banks will unveil fresh decisions on monetary policy, including the RBA on Tuesday, US Federal Reserve on Wednesday and the Bank of England on Thursday. All of them are expected to introduce changes to their monetary policies, amid persistent inflationary pressures.
The EUR/USD pair trades around 1.1600, while GBP/USD remained under pressure in the 1.33660 price zone.
The positive tone of equities helped AUD/USD to recover above the 0.7500 threshold heading into the RBA’s monetary policy announcement. The USD/CAD pair trades around 1.2369.
Commodities are ending Monday with gains, with gold trading around $1,792 a troy ounce and WTI flirting with $84.00 a barrel.
Wall Street advanced, although gains were modest. Treasury yields ticked higher, although that on the 10-year Treasury note stood below 1.60%.
Shiba Inu prints bullish continuation pattern towards $0.00011
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