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 looks firm well above 1.1600

EUR/USD picked up a bid on Monday, pushing up toward the 1.1650 area in response to fresh weakness around the US Dollar, all following President Trump threats to escalate tariffs on eight European countries opposing his proposal to take Greenland. With US stock and bond markets closed for Martin Luther King Jr. Day, liquidity is likely to be thin.

GBP/USD reclaims 1.3400 and above

GBP/USD found its footing after a soft start to the week, edging slightly above 1.3400 on Monday. The Btitish Pound benefits from a weaker Greenback, as markets react to President Trump’s latest tariff threats against Europe over Greenland.

Gold targets $4,700 on broad USD selling

Gold attracts strong buying interest at the start of the week, surging to a fresh record high near $4,700 per troy ounce. Markets turned more cautious after US President Trump threatened tariffs on eight European countries opposing his plan to acquire Greenland, a shift that helped support the precious metal.

Dogecoin, Shiba Inu, Pepe in a freefall, echoing Bitcoin’s drop

Meme coins, such as Dogecoin, Shiba Inu, and Pepe, extend the decline from last week, with a roughly 3% drop on Monday. The meme coins trade below the crucial moving averages, aiming for the immediate support to potentially reset the momentum.

When tariffs become ammunition and capital becomes the battlefield

Markets opened the week like a risk engine hitting a pothole at speed. Equities stepped back, gold vaulted to fresh highs, Treasuries caught a bid, and the dollar, outside of havens, took on a soft bid. This was not a data-driven wobble or a valuation purge.