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Forex Today: Quiet start to Thanksgiving week

Here’s what you need to know to trade today Monday, November 20:

Financial markets remain calm at the beginning of the new week. The DXY Dollar Index fluctuates within a narrow range below 104.00 after the sharp drop in the previous week and stock index futures are trading slightly lower. During the European session on Monday, the production of the construction sector will be published, while in the United States there will be no relevant publications. Later, market participants will closely monitor the outcome of the 20-year US Treasury bond auction.

During the Asian session, The People’s Bank of China has announced that it was leaving the Prime Lending Rate unchanged throughout the time curve, maintaining the 1 and 5 year Preferential Rates at 3.45% and 4.20%, respectively. Hong Kong’s Hang Seng Index is up more than 1.5% on the day and the Shanghai Composite has gained almost 0.5%. The pair AUD/USD has gained traction and has risen to its highest level since August 10 above 0.6550. Early on Tuesday, the Reserve Bank of Australia (RBA) will release minutes of its latest monetary policy meeting and Governor Michele Bullock will give a speech.

Quote of the US dollar in the last 7 days

The following table shows the percentage change of the United States Dollar (USD) against major currencies in the last 7 days.

USD -2.12% -2.02% -0.69% -2.96% -1.71% -2.32% -1.98%
EUR 2.08% 0.10% 1.43% -0.83% 0.43% -0.18% 0.13%
GBP 1.98% -0.10% 1.32% -0.93% 0.32% -0.28% 0.03%
CAD 0.67% -1.44% -1.34% -2.29% -1.01% -1.63% -1.31%
AUD 2.87% 0.85% 0.92% 2.23% 1.23% 0.64% 0.95%
JPY 1.69% -0.45% -0.33% 1.00% -1.27% -0.62% -0.29%
NZD 2.29% 0.21% 0.30% 1.60% -0.61% 0.60% 0.34%
CHF 1.95% -0.13% -0.03% 1.29% -0.96% 0.29% -0.31%

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).

He EUR/USD rose more than 2% in the previous week and advanced above 1.0900 for the first time in more than two months. The pair continues to rise towards 1.0950 during the Asian session on Monday, but is struggling to retain its bullish momentum.

After the downward correction in the middle of last week, the pair GBP/USD moved towards 1.2500 before the weekend. The pair remains firm early on Monday and is holding on to small daily gains. The governor of the Bank of England (BoE), Andrew Bailey, is scheduled to speak later in the day, but is unlikely to comment on the political outlook. Later in the week, several BoE policymakers, including Bailey, will testify before the Treasury Select Committee.

He USD/CAD entered a consolidation phase near 1.3700 after registering small losses the previous week. Statistics Canada will release October Consumer Price Index (CPI) data on Tuesday.

He USD/JPY extended its decline after breaking below the key 150.00 level late last week. The pair remains under bearish pressure on Monday and is now down 0.4% on the day below 149.00.

After reaching its highest level in almost two weeks above $1,990 on Friday, the price of Gold erased its gains to close the day flat. On a weekly basis, however, XAU/USD rose more than 2%. Early on Monday, the price of Gold remains relatively calm near $1,980.

Source: Fx Street

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