Forex Today: Dollar´s weakness continues

FXStreet Team FXStreet

Here is what you need to know on Thursday, November 26:

The dollar posted losses against all of its major rivals, but once again, there were no critical breakouts. The market’s optimism faded on the back of Brexit woes and tepid US macroeconomic data.

GBP/USD approached 1.3400 despite discouraging Brexit news. European Commission’s chief Ursula von der Leyen, who warned a Brexit deal is far from certain. Also, the EU’s chief negotiator Michel Barnier has menaced to pull out of the negotiation table if the UK is not willing to compromise on the outstanding issues. Fisheries are at the top of the conflicts’ list.

The EUR/USD pair extended its advance to 1.1929, while AUD/USD reached 0.7373, both a few pips above their previous monthly highs. USD/CAD fell to 1.2985.

The FOMC published the Minutes of the November 4-5 meeting. The document showed that policymakers judged immediate adjustments to the pace and composition of asset purchases were not necessary. However, policymakers further noted that circumstances could shift to warrant such adjustments.

Gold consolidated losses, posting a modest intraday advance but closing the day unchanged around 1,806.00.

Crude oil prices continued to rally, with WTI reaching $46.23 a barrel. The EIA weekly report provided support, showing that US stockpiles were down by 0.754 million in the week ended November 20.

Three reasons why the cryptocurrency market could be about to suffer one of the nastiest corrections in years

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EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.