Forex Today – Asian Session: Powell’s Nomination for a Second Term Boosted the USD

Lo que necesita saber el martes 23 de noviembre:

The US dollar is the overall winner once again, hitting new 2021 highs against the EUR and multi-month highs against other major rivals. Most of the dollar’s strength came from US President Joe Biden, who nominated Jerome Powell for a second term as chairman of the US Federal Reserve. Lael Brainard, who was reportedly the other top candidate for the position, will become the new vice president. President Biden said he believes Powell is the right person to pursue the goal of full employment and tackle inflation.

EUR / USD is approaching 1.1200 as the shared currency is undergoing what appears to be the toughest covid wave yet. The situation has become critical in countries like Austria and Germany, and restrictions are being imposed while facing strong opposition.

US Treasury yields advanced, with 10-year yields reaching 1.60%, helping USD / JPY move closer to the 115.00 zone.

Commodity currencies have slipped to roughly two-month lows in dollar demand, with AUD / USD hovering around 0.7220 and USD / CAD challenging the 1.2700 level.

Gold prices tumbled on the strength of the dollar and are trading at $ 1,803.00 a troy ounce. Crude oil prices rose, with the WTI currently hovering around $ 76.70 a barrel.

Stocks were mixed in Asia and Europe, but rose in the US Wall Street managed to ignore the bitter tone of its foreign counterparts and ended the day higher.

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