Forex Today: Investors’ focus gyrates to the FOMC Minutes

Pablo Piovano FXStreet

The Greenback started the week on the back foot following alleviated concerns surrounding the US political backdrop after President-elect D. Trump unveiled his pick for US Treasury Secretary. Also weighing on the US Dollar emerged news citing potential ceasefire negotiations in the Middle East.

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

The US Dollar Index (DXY) retreated to two-day lows and revisited the 106.60 region on Monday. A busy US docket will feature the FOMC Minutes as the salient event, seconded by the FHFA’s House Price Index, the S&P/Case-Shiller Home Price index, and New Home Sales. In addition, the Conference Board’s Consumer Confidence is due along with the Richmond Fed Manufacturing Index, the Dallas Fed Services Index, and the API’s weekly report on US crude oil inventories.

EUR/USD started the week on a strong bid bias, reclaiming the 1.0500 hurdle and above on the back of the strong sell-off in the Greenback. The ECB’s McCaul is due to speak.

GBP/USD reversed three daily drops in a row and briefly managed to trespass the key 1.2600 barrier. The CBI Distributive Trades will take centre stage across the Channel.

The sharp drop in the Greenback coupled with declining US yields across the board accompanied the move lower in USD/JPY, which retested the mid-153.00s. Next on tap on the Japanese calendar will be the usual weekly Foreign Bond Investment figures on November 28.

AUD/USD trimmed initial losses and managed to regain the 0.6500 yardstick and eventually end the day with humble gains. The next data release Down Under will be the RBA’s Monthly CPI Indicator and the Q3’s Construction Work Done, both due on November 27.

WTI prices sold off to the area of multi-day lows in the sub-$69.00 region per barrel in response to mitigated geopolitical concerns around the Israel-Lebanon crisis.

Prices of Gold plummeted to the vicinity of the $2,600 region per troy ounce on the back of the likelihood of ceasefire talks in the Middle East conflict. Silver prices followed suit and eased to two-week lows near the key $30.00 mark per ounce.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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