Forex Today: Markets will now look to inflation in Europe

Pablo Piovano FXStreet

The Greenback faced strong and sudden downward pressure, retreating to multi-day lows due to lower US yields and investors’ adjustments to month-end flows.

Here is what you need to know on Thursday, November 28:

The US Dollar Index (DXY) sold off to multi-day lows, breaking below the 106.00 support in tandem with extra weakness in US yields. The US markets will be closed due to the Thanksgiving Day holiday.

EUR/USD regained upside impulse and came closer to the key barrier at 1.0600 the figure following the strong pullback in the US Dollar. Germany’s preliminary Inflation Rate will take centre stage, seconded by EMU’s Economic Sentiment, the final Consumer Confidence gauge, the ECB’s Consumer Inflation Expectations, and speeches by the ECB’s Elderson and Lane.

GBP/USD rose markedly and flirted with weekly tops just pips away from the key 1.2700 hurdle. The UK’s Car Production figures will be published.

USD/JPY lost further ground and clinched five-week lows well south of the 151.00 support. The usual weekly Foreign Bond Investment readings will be released.

AUD/USD regained some composure and trimmed most of Tuesday’s pullback, revisiting at the same time the key 0.6500 barrier. Next on the Australian docket will be the quarterly Private Capital Expenditure, and the speech by the RBA’s Bullock.

WTI prices weakened to the vicinity of the $68.00 mark per barrel following alleviated geopolitical concerns and an unexpected strong build in US gasoline inventories, as reported by the EIA.

Gold prices added to Tuesday’s modest advance and briefly tested the $2,660 region per troy ounce on the back of the Greenback’s sell off, lower yields and further repricing of the Fed’s rate path following sticky US PCE readings. Silver prices tumbled to two-week lows, breaking below 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.

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 hits a fresh record high as rising geopolitical risks boost safe-haven demand

Gold scales higher for the third straight day and climbs to a fresh all-time peak, beyond the $4,550 level, during the Asian session on Monday. Reports that US President Donald Trump is weighing a series of potential military options in Iran following deadly protests in the country fuel the risk of a further escalation of geopolitical tensions amid the protracted Russia-Ukraine war. This, along with rising bets for more rate cuts by the Fed, offsets the recent US Dollar rally and is seen benefiting the safe-haven bullion.

Week ahead: US CPI might challenge the geopolitics-boosted Dollar

Geopolitics may try to steal the limelight from US data. A possible US Supreme Court ruling on tariffs could dictate market movements. Dollar strength might be tested if investors refocus on Fed expectations. A crammed data calendar next week, US CPI comes on Tuesday; Fedspeak to intensify. Euro weakness persists, lingering risk of deterioration in US-EU relations.

Week ahead – US CPI might challenge the geopolitics-boosted Dollar

Geopolitics may try to steal the limelight from US data. A possible US Supreme Court ruling on tariffs could dictate market movements. A crammed data calendar next week, US CPI comes on Tuesday; Fedspeak to intensify.

XRP trades under pressure amid weak retail demand

XRP presses down on the 50-day EMA support as risk-averse sentiment spreads despite a positive start to 2026. XRP faces declining retail demand, as reflected in futures Open Interest, which has fallen to $4.15 billion.