Forex Today: King Dollar returns

FXStreet Team FXStreet

Here is what you need to know Wednesday, November 6th:

Mounting hopes that the US and China will reach a trade agreement underpinned the greenback, later boosted by an upbeat ISM Non-Manufacturing Index. The American currency gained against all of its major rivals. The EUR/USD pair fell to the 1.1060 price zone, its lowest in three weeks.
EU’s Chief Negotiator Barnier was on the wires, repeating familiar words over the matter. Among other things, he remarked that, even if the deal is ratified, a new partnership would be needed with the UK, adding that negotiations will be ‘difficult.’
The GBP/USD pair was also affected by the dollar’s strength, although to a lesser extent. The pair eased but met buyers around 1.2850 to settle around 1.2880.
The Japanese yen was sharply lower amid risk appetite coupled with dollar’s demand. The USD/JPY pair nears the critical 109.30 resistance area. Gold traded as low as $1,480 a troy ounce.
Equities were sharply up in Asia and the EU, although US indexes just retained gains, holding a few points above their previous closing levels.
Crude oil prices held at the upper end of its daily range after OPEC's Barkindo said a deeper output cut is possible in December. Market players waiting for API and EIA reports.
Cryptocurrencies saw little price action, BTC/USD consolidated above 9,000.00.

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FXStreet Team

FXStreet

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.