Forex Today: UK inflation next amid doubts over further BoE easing

The US dollar sailed without a clear direction in a context dominated by the resurgence of geopolitical concerns between Russia and Ukraine and the subsequent search for safe havens.

Here’s what you need to know on Wednesday, November 20:

The US Dollar Index (DXY) remained trading in the low 106.00s amid further weakness in US yields across the curve. Second-tier releases will include the usual MBA Mortgage Applications and the EIA’s weekly report on US crude oil inventories.

EUR/USD faltered once again around the 1.0600 region amid investors’ flight-to-safety stance. Markets’ attention will focus on the release of ECB Negotiated Wage Growth, EMU Construction Output and German Output Prices. In addition, Lagarde and De Guindos of the ECB are scheduled to speak.

GBP/USD failed to extend Monday’s strong advance, falling short of another test of the 1.2700 barrier. The publication of the UK Inflation Rate will be the center of debate across the Channel.

USD/JPY fell to new lows due to safe-haven demand, although it managed to recover most of those losses by the close of the US session. The results of the October Trade Balance will be revealed.

AUD/USD kept its weekly recovery intact, clearing the 0.6500 hurdle, or four-day highs. The Leading Index tracked by Westpac will be the only data release in Australia.

WTI prices rose modestly and approached the key $70.00 per barrel mark as investors remained cautious amid geopolitical concerns.

Gold prices achieved their second consecutive daily advance and extended the break of the $2,600 per troy ounce mark. Along the same lines, Silver rose to multi-day peaks further north of the $31.00 per ounce mark.