The US dollar shrugged off its bearish start to the week and regained decent bullish momentum on Tuesday, supported by a modest recovery in US yields. This came as President-elect Donald Trump proposed implementing tariffs on imports from Canada, Mexico , China and the EU.
Here’s what you need to know on Wednesday, November 27:
The DXY Dollar Index rose to two-day highs and reclaimed the area above the 107.00 barrier. The PCE will be the featured event, before the usual weekly Mortgage Applications followed by the MBA, Chicago PMI, Durable Goods Orders, Personal Income and Expenses, Wholesale Inventories, weekly Initial Unemployment Claims, Pending Home Sales and EIA’s weekly report on US crude oil inventories.
EUR/USD quickly faded Monday’s advance and returned to the sub-1.0500 zone following fresh gains in the Dollar. Germany’s GfK Consumer Confidence will be the only data release alongside the ECB’s Lane speech.
GBP/USD followed its risk-affected peers and remained lower after an early bullish move above 1.2600.
USD/JPY added to Monday’s decline and retreated to multi-day lows just below the 153.00 support following a sharp appreciation of the Japanese Yen.
AUD/USD lost further ground and hit fresh multi-week lows in the 0.6435-0.6430 band amid renewed buying interest in the US Dollar and weak commodity prices. Next up in Australia will be the RBA Monthly CPI Indicator, followed by Quarterly Construction Work Done.
Easing geopolitical concerns weighed on crude oil prices on Tuesday, dragging a barrel of US WTI to multi-day lows near the $68.00 mark.
Gold prices reversed an early pullback to the limits of the $2,600 per troy ounce mark, ending the day with marginal gains. Silver prices regained some composure and partially reversed Monday’s sharp decline, although another test of the $31.00 per ounce mark remained elusive.
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.
