The US Dollar retreated further and tested three-day lows as the Trump rally seems to have lost some enthusiasm among market participants, although this carries the potential to be only temporary and may open the door to another “buy the dip” move.
Here is what you need to know on Tuesday, November 19:
The US Dollar Index (DXY) lost further ground and threatened to challenge the key 106.00 support amid lower US yields. Next on tap will be Building Permits, Housing Starts, and the API’s weekly report on US crude oil inventories.
EUR/USD advanced to three-day highs and managed to surpass the key 1.0600 hurdle on the back of the Dollar’s losses. The EMU’s final Inflation Rate takes centre stage seconded by Current Account results, the Labour Cost Index, and the speech by the ECB’s Elderson.
Finally, GBP/USD regained the smile and rose markedly to the proximity of the 1.2700 barrier following six consecutive daily declines.
USD/JPY resumed its uptrend, leaving behind Friday’s deep decline and reclaiming the 155.00 zone and above.
AUD/USD added to Friday’s bounce and manage to reclaim the 0.6500 hurdle in response to the persistent knee-jerk in the US Dollar. The RBA will publish its Minutes of the November 5 meeting.
WTI prices rose markedly and flirted with the key $70.00 mark per barrel on the back of the resurgence of geopolitical concerns in the Russia-Ukraine front.
The weaker Greenback and lower US yields across the board encouraged Gold prices to set aside part of the recent multi-day weakness and revisit the area beyond the $2,600 mark per troy ounce. By the same token, Silver prices surpassed the $31.00 mark per ounce, hitting new five-day highs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD remains pressured below 1.0400 on Trump's tariff threats
EUR/USD remains in the negative territory below 1.0400 in the European session on Tuesday, stalling the recovery. The pair is undermined by risk aversion and the US Dollar demand, fuelled by US President Trump's tariff threats. The focus shifts to the ZEW surveys.
GBP/USD drops to 1.2250 area on broad USD strength
GBP/USD stays under bearish pressure and trades deep in the red near 1.2250 on Tuesday as the USD gathers strength following US President Trump's tariff threats. The data from the UK showed that the ILO Unemployment Rate edged higher to 4.4% in the three months to November.
Gold price eases from over two-month top on stronger USD, positive risk tone
Gold price (XAU/USD) retreats slightly after touching its highest level since November 6 during the early European session on Tuesday and currently trades just below the $2,725 area, still up over 0.50% for the day.
Three reasons why AAVE could rally in upcoming days
Aave (AAVE) price hovers around $340 on Tuesday after rallying 9% the previous day. On Monday, the Ethereum Foundation allocated 50,000 ETH worth $165 million to Aave, marking an endorsement of the protocol.
Five keys to trading Trump 2.0 with Gold, Stocks and the US Dollar Premium
"I have the best words" – one of Donald Trump's famous quotes represents one of the most significant shifts to trading during his time. Words from the president may have a more significant impact than economic data.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.