Forex Today: Mood improves, dollar advances

Valeria Bednarik FXStreet

What you need to know on Tuesday, November 30:

Fears receded on Monday after panic dominated financial markets on Friday when stocks markets collapsed following the announcement of a new covid variant discovered in South Africa named Omicron. However, the market’s reaction may have been exacerbated by thin market conditions due to the Thanksgiving holiday in the US.

Anyway, up to today, the market knows little about the new strain. However, Pfizer announced its testing its vaccine on a new variant, while Moderna announced it would have a new shot ready for early on 2022 if needed. Also, US President Joe Biden made a press conference to update the country on the matter. Biden said that the new strain is of concern but should not trigger panic, adding that lockdowns are not required at the time being.

Stocks fell in Asia, but European and American indexes posted gains, reflecting the better mood. US government bond yields ticked higher, with the 10-year Treasury note yielding 1.53% ahead of Wall Street’s close.

European Central Bank (ECB) governing council member Pablo Hernandez de Cos said this Monday that European policymakers aim to avoid the premature tightening of the monetary policy, repeating that high inflation could be expected to be transitory, despite being stronger and more persistent than anticipated a few months ago. German inflation printed at 6% YoY in November, according to preliminary estimates.

The greenback trades mostly higher against its major rivals, although volatility was limited. The EUR/USD pair trades around 1.1260, while GBP/USD is below the 1.3300 threshold. USD/CAD is at 1.2760, while the AUD/USD pair is close to the year low at 0.7105. Safe-haven currencies bounced modestly, with the USD/JPY pair now at 113.80.

Gold edged modestly lower after flirting with the 1,800 level, now trading at around $1,782 a troy ounce. Crude oil prices also ticked lower, with the barrel of WTI currently at $70.40.

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

GBP/USD slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD keeps losses near 1.1400 ahead of Eurozone inflation data

EUR/USD keeps the offered tone intact near 1.1400 in early Europe on Wednesday, pressured by receding bets for aggressive tightening by the European Central Bank (ECB). Traders will take more cues from the preliminary reading of the Eurozone's Harmonized Index of Consumer Prices and the US Manufacturing PMI report due later in the day.

Gold sticks to bearish bias below $4,000 amid Fed hike bets and Iran risks

Gold attracts fresh sellers following the previous day's good two-way price swings, and weakens further below the $4,000 psychological mark through the Asian session. This marks the third straight day of a slide and keeps the precious metal closer to its lowest level since November 2025. Moreover, a bullish US Dollar suggests that the path of least resistance for the bullion is to the downside.

Solana: Retail confidence backs SOL testing 50-day EMA breakout near $75

Solana price extends gains, testing the 50-day Exponential Moving Average around $75.00. Although institutional demand for Solana remains weak, stabilizing retail confidence, with rising funding rates and steady Open Interest, supports the mild recovery. The technical outlook for SOL shifts mildly bullish, projecting a potential breakout rally toward the $100 mark.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The European Central Bank Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Federal Reserve, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.