Forex Today: Currencies still waiting for a catalyst, gold eases

FXStreet Team FXStreet

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

Choppy price action continued across the FX board. Rising coronavirus contagions alongside restrictive measures on one hand and vaccine hopes on the other left majors confined to familiar levels.

The US reported over 170Knew covid contagions this Wednesday, as the death toll surpassed 250,000. Hospitalizations reached fresh records, with 79,410 people hospitalized because of the disease in the last 24 hours. New York City Mayor Bill de Blasio closed the district schools for at least two weeks.

Reports on the Oxford/AstraZeneca Covid-19 vaccine showed that it produced strong immune responses in an early study. Phase three results will be published in the next weeks. Investors, however, continue to focus on a possible economic downturn in Q4.

At the beginning of the day market talks hinted that some EU leaders are pushing the European Commission to publish Brexit no-deal plans. Sources suggested that a deal must be clinched this weekend at the latest. Later in the day, news indicated that EU’s chief negotiator Michel Barnier canceled next week´s briefings to EU leaders, somehow suggesting that a trade deal may be closer.

Gold edged lower, falling to a daily low of 1,864.89 to finish the day around $1,865 a troy ounce.

European indexes closed in the red, but Wall Street managed to post some modest gains ahead of the close. The NASDAQ outperformed.

Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Chainlink – American Wrap 19 November

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FXStreet Team

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EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.