- Home
- Analytics
- Market News
- Forex Today: Dollar extends slide, risk appetite prevails
Market news
Forex Today: Dollar extends slide, risk appetite prevails
During the Asian session, New Zealand will release trade data, and the Reserve Bank of Australia the minutes of its latest meeting. Later in the day, inflation data from Canada is due, and the Federal Reserve will release the FOMC minutes.
Here is what you need to know on Tuesday, November 21:
The US Dollar Index (DXY) dropped further and fell to 103.45, reaching its lowest level since late August. Risk appetite and lower Treasury yields weighed on the Greenback. In the short term, the US Dollar remains vulnerable even though the US economy is growing while the Eurozone and other economies are nearing recession.
Regarding economic data, Tuesday's data from the US includes Existing Home Sales and the Chicago Fed National Activity Index. The Federal Reserve (Fed) will release the minutes of its latest meeting.
EUR/USD extended its gains above 1.0900 to the 1.0950 area. The bias is to the upside, but technical indicators show overbought conditions that could point to consolidation before another leg higher.
GBP/USD rose above 1.2500, surpassing the 100-day Simple Moving Average (SMA). The pair maintains a bullish bias due to the weaker US Dollar. On Tuesday, Bank of England (BoE) Governor Bailey and members of the Monetary Policy Committee will face lawmakers to discuss the Monetary Policy Report.
USD/JPY also continued its downward trend for the third consecutive day, accumulating a decline of more than 300 pips. The pair fell towards 148.00 and remains under pressure.
AUD/USD jumped, breaking above 0.6550 to fresh monthly highs. The next significant resistance stands at 0.6600. Reserve Bank of Australia (RBA) Governor Michele Bullock will deliver a speech on Tuesday. The RBA will also release the minutes of its latest meetings.
USD/CAD posted modest gains, with the Canadian Dollar being among the worst performers, even despite crude oil's rally. The pair is facing resistance at 1.3770 and is supported by the 55-day SMA at 1.3660. Canadian data due on Tuesday will show if inflation continues to approach the 2% target or if fresh pressures emerge. The Federal Government will release the Fall Economic Statement.
Canada CPI Preview: Forecasts from six major banks, inflation to decelerate further
Like this article? Help us with some feedback by answering this survey:
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.
-
Customer Support
-
Dealing Desk
© 2011-2023 TeleTrade-DJ International Consulting Ltd
This website is operated by TeleTrade-DJ International Consulting Ltd which is registered with the Department of Registrar of Companies and Intellectual Property of the Companies of the Republic of Cyprus as a private limited company with registration number HE272810 and is authorized by the Cyprus Securities and Exchange Commission ("CySEC") to act as a licensed Cyprus Investment Firm ("CIF") with license number 158/11. TeleTrade-DJ International Consulting Ltd operates in accordance with Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime. TeleTrade does not provide its services to residents or nationals of the USA.
Please read our full Terms of Use.
To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63.37% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
