Here’s what you need to know to trade today Tuesday, November 21:
The US dollar suffered losses against its main rivals on Monday, as bullish action on Wall Street allowed risk-on mood flows to continue dominating financial markets. The dollar remains under modest bearish pressure early Tuesday as investors focus on Federal Reserve monetary policy meeting minutes from October 31 to November 1. The US economic agenda will also publish data on sales of existing homes and Statistics Canada to publish Consumer Price Index (CPI) figures for October.
On Monday, the DXY Dollar Index recorded its lowest close since late August, below 104.00, and on Tuesday extended its decline below 103.50. Meanwhile, the US 10-year Treasury yield fell below 4.4% during the Asian session and put additional weight on the Dollar’s shoulders.
Dollar Quote this week
The following table shows the percentage change of the US Dollar (USD) against major currencies this week.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.47% | -0.57% | 0.00% | -0.97% | -1.64% | -1.25% | -0.30% | |
| EUR | 0.47% | -0.11% | 0.47% | -0.48% | -1.16% | -0.77% | 0.17% | |
| GBP | 0.57% | 0.14% | 0.59% | -0.38% | -1.06% | -0.66% | 0.30% | |
| CAD | 0.00% | -0.46% | -0.62% | -0.95% | -1.63% | -1.25% | -0.29% | |
| AUD | 0.94% | 0.49% | 0.38% | 0.95% | -0.67% | -0.29% | 0.65% | |
| JPY | 1.61% | 1.17% | 0.83% | 1.64% | 0.72% | 0.42% | 1.35% | |
| NZD | 1.20% | 0.77% | 0.64% | 1.23% | 0.28% | -0.42% | 0.94% | |
| CHF | 0.30% | -0.17% | -0.29% | 0.30% | -0.66% | -1.37% | -0.95% |
The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the euro in the left column and scroll down the horizontal line to the Japanese yen, the percentage change that appears in the box will represent EUR (base)/JPY (quote).
In the minutes of the November monetary policy meeting, The Reserve Bank of Australia (RBA) stated that policymakers had considered raising rates or keeping them stable., but they considered the case for an increase to be stronger given the increased risks of inflation. The RBA said the need for further tightening will depend on data and risk assessment. After posting strong gains on Monday, the pair AUD/USD It continued to rise during the Asian session and reached its highest level since early August, near 0.6600.
He EUR/USD posted modest gains on Monday and broke through the 1.0950 level early on Tuesday. The member of the Governing Council of the European Central Bank, Francois Villeroy de Galhau, stated on Tuesday that Interest rates have reached a plateau, where they will remain for the next few quarters.
He GBP/USD It closed the first day of the week above 1.2500 and advanced to its highest level in more than two months, beyond 1.2540, in the European early hours of Tuesday.
He USD/JPY It extended its bearish trend for the third consecutive day on Monday and lost almost 1% on a daily basis. The pair remains lower on Tuesday and is now trading at its lowest level since mid-September around 147.50.
Inflation in Canada, as measured by the change in the Consumer Price Index (CPI), is expected to soften to 3.2% annually in October, down from 3.8% in September. While waiting for these data, the USD/CAD fluctuates in a very narrow range slightly above 1.3700.
See: CPI Canada Forecast: Inflation to Continue to Moderate as CAD Awaits its Boost
After the hectic day on Monday, the price of Gold gained bullish momentum and is now up 0.8% on the day above $1,990.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
