FX Today: The RBA is expected to keep rates unchanged

Pablo Piovano FXStreet

The US Dollar (USD) extended its march north, retesting new three-month highs as investors continued to assess the post-FOMC scenario and the likelihood that the Federal Reserve might hold its hand in December. On another page, there was no news surrounding a potential deal to end the ongoing federal government shutdown.

Here’s what to watch on Tuesday, November 4:

The US Dollar Index (DXY) advanced for the fourth consecutive day, hitting new multi-week tops and faltering just pips away from the psychological 100.00 hurdle. The RCM/TIPP Economic Optimism Index is next on tap, ahead of the API’s weekly report on US crude oil inventories. The Fed’s Bowman is also due to speak.

EUR/USD extended its decline and traded at shouting distance of the key 1.1500 neighbourhood for the first time since August. The ECB’s Lagarde will speak, while Germany’s Factory Orders, seconded by the final HCOB Services PMI in Germany and the Euroland, and Producer Prices in the broader bloc are all expected on November 5.

GBP/USD remained on the defensive, trading in the area of seven-month lows near 1.3100 amid the continuation of the uptrend in the Greenback and domestic fiscal concerns. The final S&P Global Services PMI will be released on November 5..

USD/JPY alternated gains with losses in the upper end of its current range near 154.00. The BoJ will publish its Minutes in what will be the sole event on the Japanese calendar.

AUD/USD clinched its fourth consecutive day of losses, coming closer to the 0.6520 level, or multi-day lows. The RBA is widely expected to keep its OCR unchaged, while other data releases will feature the Ai Group Industry Index.

WTI came under pressure, breaking below the $61.00 mark per barrel as traders continued to evaluate the OPEC+’s plans to pause output hikes.

Gold picked up some traction and advanced beyond the $4,000 mark per troy ounce, recovering part of last week’s intense pullback. Silver prices, retreated modestly, adding to Friday’s losses near the $48.00 mark per ounce.

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.

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