Market news

24 November 2022

Forex Today: US Dollar could benefit from risk-averse headlines

What you need to take care of on Friday, November 25:

The greenback extended its weekly decline on Thursday, settling near its lows against most of its major rivals. Activity pared after London’s close, as US markets were closed due to the Thanksgiving holiday.

Generally speaking, the mood was upbeat as Asian and European indexes closed in the green. However, some worrisome headlines may soon trigger a flip in investors’ sentiment. On the one hand, tensions between Russia and the EU continue and are on their way to escalate, as  European Commission President Ursula von der Leyen announced they are working full speed on a 9th sanctions package on Moscow.

On the other hand, China reported record coronavirus contagions in the country, while a state-run news channel reported that Beijing and other cities are going back into lockdown. Financial markets may turn risk-averse on renewed concerns that Chinese restrictions could interrupt global commerce, trigger fresh supply-chain issues, and result in another inflationary spiral.

EUR/USD hovers around 1.0400, while GBP/USD trades in the 1.2110 price zone. AUD/USD extended its weekly rally and stands at around 0.6760, while USD/CAD eased to the 1.3330 price zone. Finally, USD/JPY edged south and trades at around 138.40.

Spot gold consolidates around $1,755 a troy ounce, and WTI settled at $78 a barrel.


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