FX Today: The FOMC Minutes and UK inflation data gather all the attention

Pablo Piovano FXStreet

The US Dollar (USD) traded in a slightly constructive tone, extending its recent advance on Tuesday, all against the backdrop of a persistent risk-off sentiment and steady caution ahead of key data releases on the US docket.

Here’s what to watch on Wednesday, November 19:

The US Dollar Index (DXY) alternated gains with losses in the 99.50-99.60 band amid a widespread decline in US Treasury yields and rising prudence ahead of US data releases. The FOMC Minutes will take centre stage, seconded by the usual weekly MBA Mortgage Applications and the EIA’s weekly report on US crude oil stockpiles. In addition, the Fed’s Williams is due to speak.

EUR/USD slipped back to multi-day lows near 1.1570 amid the generalised absence of direction in the FX galaxy. The Current Account results in the euro zone are due, ahead of the final Inflation Rate in the region and the preliminary Labour Cost Index. Additionally, the ECB’s Buch is expected to speak.

In line with the rest of its risk-related peers, GBP/USD traded without clear direction around the 1.3150 zone on Tuesday. The UK Inflation Rate will be on top of the domestic agenda.

USD/JPY clinches fresh tops past 155.70, advancing for the third day in a row and reigniting at the same time concerns over a potential FX intervention by the MoF. Next on tap in Japan will be the Balance of Trade results and Machinery Orders.

AUD/USD regained the smile following Monday’s steep pullback, briefly reclaiming the 0.6500 barrier and beyond. The Westpac Leading Index and the quarterly Wage Price Index are next on tap in Oz.

WTI traded with marked gains above the key $60.00 mark per barrel as traders continued to assess the recently announced US sanctions on Russian oil and oversupply concerns.

Gold reversed part of its three-day negative streak, although faltering just ahead of the $4,100 mark per troy ounce amid the broad-based risk-off environment, lower US Treasury yields and shrinking bets for an interest rate cut by the Federal Reserve at its December meeting. In the meantime, Silver prices regained balance and approached the $51.00 mark per ounce, setting aside three consecutive daily pullbacks.

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 remains offered below 1.1600, seems vulnerable near multi-month low

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1530 region, or the lowest level since November 2025, and lower for the third consecutive day on Wednesday. Spot prices slide back below the 1.1600 mark during the Asian session and seem vulnerable to slide further.

GBP/USD weakens to near 1.3300 as geopolitical risks bolster US Dollar

The GBP/USD pair attracts some sellers to around 1.3310 during the early European session on Wednesday. Escalating conflict in the Middle East triggers a "flight to safety," supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.

Gold sticks to intraday gains above $5,150; upside seems limited amid bullish USD

Gold preserves its modest intraday gains through the Asian session on Wednesday and currently trades just above the $5,150 level, up around 1.30% for the day. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.

Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists

Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.

When rates start driving the bus through a war zone

The volatility regime itself is also changing character. EM carry trades thrive in calm markets. They suffocate in environments that resemble Buckaroo Banzai trading conditions, where headlines move faster than models. That is exactly the world investors are now trying to recalibrate to. Euro rate volatility had been remarkably subdued even while equities were wobbling. That stability is now being questioned, and once volatility leaks into rates it rarely stays contained. Indeed, carry trades love calm seas. War turns the ocean into white water.

Ripple falters amid sell-off jitters and negative funding rates

Ripple (XRP) has come under pressure, drifting lower to $1.35 at the time of writing on Tuesday. The over 2% correction looks poised to erase the previous day’s gains, which lifted the remittance token to $1.42.