During the Asian session, New Zealand will release trade data, and the Reserve Bank of Australia the minutes of its latest meeting. Later in the day, inflation data from Canada is due, and the Federal Reserve will release the FOMC minutes.
Here is what you need to know on Tuesday, November 21:
The US Dollar Index (DXY) dropped further and fell to 103.45, reaching its lowest level since late August. Risk appetite and lower Treasury yields weighed on the Greenback. In the short term, the US Dollar remains vulnerable even though the US economy is growing while the Eurozone and other economies are nearing recession.
Regarding economic data, Tuesday's data from the US includes Existing Home Sales and the Chicago Fed National Activity Index. The Federal Reserve (Fed) will release the minutes of its latest meeting.
EUR/USD extended its gains above 1.0900 to the 1.0950 area. The bias is to the upside, but technical indicators show overbought conditions that could point to consolidation before another leg higher.
GBP/USD rose above 1.2500, surpassing the 100-day Simple Moving Average (SMA). The pair maintains a bullish bias due to the weaker US Dollar. On Tuesday, Bank of England (BoE) Governor Bailey and members of the Monetary Policy Committee will face lawmakers to discuss the Monetary Policy Report.
USD/JPY also continued its downward trend for the third consecutive day, accumulating a decline of more than 300 pips. The pair fell towards 148.00 and remains under pressure.
AUD/USD jumped, breaking above 0.6550 to fresh monthly highs. The next significant resistance stands at 0.6600. Reserve Bank of Australia (RBA) Governor Michele Bullock will deliver a speech on Tuesday. The RBA will also release the minutes of its latest meetings.
USD/CAD posted modest gains, with the Canadian Dollar being among the worst performers, even despite crude oil's rally. The pair is facing resistance at 1.3770 and is supported by the 55-day SMA at 1.3660. Canadian data due on Tuesday will show if inflation continues to approach the 2% target or if fresh pressures emerge. The Federal Government will release the Fall Economic Statement.
Canada CPI Preview: Forecasts from six major banks, inflation to decelerate further
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD bounces back, trades above 1.0860
EUR/USD bounced from a fresh weekly low of 1.0827, as the US Dollar lost steam following a weak ISM Manufacturing PMI report and words from Federal Reserve Chair Jerome Powell. Powell reiterated its hawkish message, dismissing potential rate cuts in the near future.
GBP/USD turns north ahead of the weekly close, approaches 1.2700
GBP/USD extended its rebound from near 1.2600 and is approaching 1.2700 on the back of a weaker US Dollar. The Greenback accelerated to the downside following comments from Fed’s Powell.
Gold resumes advance and approaches record highs
Gold remains near record highs and achieved its highest monthly close ever in November. Global bond yields continue to decline as inflation further cools, supporting the upside in XAU/USD. With central banks expected to remain on hold, the focus will be US labor market data.
Solana likely to extend gains as DeFi airdrop season could boost user base
Solana ecosystem will see airdrops from projects like Jupiter, Marginfi, Drift, Zeta and Jito. Solana users are projected to increase between 30% and 80% from native token launches, according to Messari’s latest report. SOL price extends rally, yielding nearly 4% daily gains.
Tesla Stock News: Cybertruck excitement fails to sustain TSLA price as chart signals more downside
TSLA stock sinks three days in a row despite Cybertruck unveiling. Analysts conclude that Cybertruck will find it difficult to turn a profit. TSLA stock is the midst of forming a bearish Three Black Crows pattern on the daily chart.