Forex Today: Risk-off at the weekly opening

FXStreet Team FXStreet

Here is what you need to know on Monday, November 16:

The US continues to report record coronavirus infections. On Friday, the country informed over 184K new cases in the past 24 hours, while US President Donald Trump announced the imminent distribution of COVID-19 vaccines. The announcement was taken with a pinch of salt and considered a political movement. Elections remain undefined as Trump refuses to concede and continues its legal battle.

Several US states have announced measures to fight the ongoing coronavirus outbreak, announcing curfews, and even localized lockdowns. The health system is not stressed in the US, but at the current pace of contagions, it won’t take long. In Europe, the situation is quite alike, although the health systems are on a brink of collapsing.

Brexit-related weekend news were also worrisome. Ireland’s Foreign Minister Simon Coveney said that the two sides are still apart on fishing rights, adding that if the UK passes the Internal Market Bill, chances of an agreement will be off. On Sunday, UK negotiator, David Frost, said that the UK will not change its stance as it seeks a post-Brexit deal with the EU. The United Kingdom has quite a scarce macroeconomic calendar this week, with nothing scheduled until Wednesday when the country will publish October inflation data.

Wall Street closed the week with substantial gains, despite persistent uncertainty about the presidential election and the pandemic. US Treasury yields retreated from weekly highs but finished it with gains.

Gold advanced on Friday and settled at $1,889.00 a troy ounce. Crude oil prices, on the other hand, remained under pressure and WTI closed at $40.00 a barrel.

Ripple Price Forecast: XRP tests key Fibo resistance near $0.27

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD bounces off one-week low amid Iran diplomacy hopes, ahead of UK CPI

The GBP/USD pair edges higher during the Asian session, snapping a four-day losing streak to the 1.3360 area, or a one-week low, touched the previous day. Spot prices, however, lack follow-through buying and trade below the 1.3400 mark, warranting caution before confirming that the recent pullback from an over two-month high has run its course.

EUR/USD holds gains above 1.1400 on hawkish ECB expectations despite US-Iran tensions

The EUR/USD pair trades with mild gains around 1.1405 during the early Asian session on Wednesday. A hawkish tone from the European Central Bank provides some support to the Euro against the US Dollar. Traders await the upcoming ECB interest rate decision on Thursday.

Gold: Strong recovery might face roadblock as oil price extends gains

Gold price extends its winning streak for the third trading day on Wednesday, trading 1.5% higher to near $4,140 during the Asian session. The precious metal recovered strongly in the past few trading days from its three-week low of $3,959.80 as traders scaled back Federal Reserve’s interest rate hike expectations for the monetary policy meeting next week.

Bitcoin extends gains, Ethereum and XRP target breakout moves

Bitcoin, Ethereum and Ripple remain on the front foot on Wednesday as the broader crypto market extends its gains so far this week. BTC leads gains after closing above key resistance while ETH and XRP near key technical hurdles where a breakout could pave the way for additional gains.

UK CPI set to show receding inflation in June as GBP/USD fails at May highs

The UK Office for National Statistics will release the June Consumer Price Index figures on Wednesday at 06:00 GMT, a print that will matter for markets. Consensus expectations point to inflation pressures still above the Bank of England’s target, although losing further momentum.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.