Here’s what you need to know to trade today Wednesday, November 22:
Following Monday’s sharp decline, the Dollar Index (USD) managed to post small daily gains on Tuesday. Early on Wednesday, the Dollar remains firm against its rivals. Ahead of the Thanksgiving holiday, October’s durable goods orders will be released on the U.S. economic calendar, along with the Labor Department’s weekly initial jobless claims. Later in the American session, the European Commission will publish preliminary data for the Consumer Confidence Index for November.
In the minutes of the monetary policy meeting held between October 31 and November 1, the Federal Reserve (Fed) reiterated the data-dependent approach and the willingness of policymakers to proceed with caution. The document, however, showed that participants noted that further policy tightening would be appropriate if progress toward the inflation target was insufficient. The benchmark yield on the 10-year US Treasury bond stabilized around 4.4% after the publication and the main Wall Street indices closed the day with moderate losses.
Price of the Dollar this week
The following table shows the percentage change of the United States Dollar (USD) against the main currencies quoted this week. The UDS was the weakest currency against the Japanese Yen.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.08% | -0.62% | -0.10% | -0.45% | -0.72% | -0.66% | -0.31% | |
| EUR | 0.08% | -0.54% | 0.01% | -0.35% | -0.61% | -0.56% | -0.20% | |
| GBP | 0.62% | 0.55% | 0.53% | 0.18% | -0.08% | -0.02% | 0.32% | |
| CAD | 0.08% | -0.01% | -0.55% | -0.37% | -0.63% | -0.57% | -0.21% | |
| AUD | 0.44% | 0.37% | -0.17% | 0.35% | -0.27% | -0.21% | 0.13% | |
| JPY | 0.71% | 0.61% | -0.13% | 0.63% | 0.26% | 0.07% | 0.39% | |
| NZD | 0.65% | 0.57% | 0.04% | 0.56% | 0.21% | -0.06% | 0.34% | |
| CHF | 0.29% | 0.20% | -0.33% | 0.21% | -0.16% | -0.39% | -0.36% |
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).
Early on Wednesday, Reuters reported that Chinese government advisers will recommend an economic growth target for next year that will range between 4.5% and 5%. “Monetary stimulus is expected to play a more limited role as the central bank remains concerned about the widening interest rate differential with the West,” the report said.
He EUR/USD It closed on Tuesday in negative territory, but managed to stay above 1.0900. The president of the European Central Bank (ECB), Christine Lagarde, declared on Tuesday that it is not the time to start declaring victory against inflation.
He GBP/USD posted gains for the third day in a row and touched its highest level since early September above 1.2550 on Tuesday. The pair consolidated its gains below that level early on Wednesday. During the European day, British Finance Minister Jeremy Hunt will deliver the autumn budget speech.
In the latest assessment, Japan’s Cabinet Office said it cut its outlook on the broader economy for November, citing the negative impact of weak demand on capital spending and consumer spending. He USD/JPY fell towards 147.00 and hit its lowest level in more than two months before rebounding. At the time of writing, the pair is trading in positive territory, around 149.00.
The recovery of Gold continued in the second half of trading on Tuesday and XAU/USD rose above $2,000 for the first time since early November. Currently, the pair is trading slightly higher and stands at $2,005.
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.
