Forex Today: Dull trading continues amid the absence of a strong catalyst

FXStreet Team FXStreet

Here is what you need to know on Thursday, November 19:

Financial markets saw little action this Wednesday, with major pairs mostly consolidating and equities seesawing between gains and losses.

The market’s sentiment remained trapped between fears related to covid outbreaks and vaccine hopes. The US health system is stressed amid a continued increase in new cases, with multiple restrictive measures announced in the country. The latest is that the number of new contagions in New York has reached the level where the local government may close schools.

US President Donald Trump kept using social media to talk about a fraudulent election. However, demands interposed so far have seen little to non-progress and several have been dismissed. Political turmoil adds pressure on the greenback, despite Joe Biden will likely become the 46^th US president.

On the Brexit front, EU Trade Commissioner Valdis Dombrovskis said they are now in the last moments to reach a trade deal with the UK. Also, UK’s Business Secretary Alok Sharma noted that “there is still some way to go” on Brexit, adding that the EU “must understand” the UK is a sovereign nation. Nevertheless, investors remain hopeful the UK and the EU will clinch a trade deal.

Crude oil prices retained their positive tone and posted a modest intraday advance, with WTI ending the day around $42 a barrel. Gold prices, on the other hand, edged modestly lower, settling at around $1,874 a troy ounce.

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EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.