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20.11.2023, 20:55

Forex Today: Dollar extends slide, risk appetite prevails

During the Asian session, New Zealand will release trade data, and the Reserve Bank of Australia the minutes of its latest meeting. Later in the day, inflation data from Canada is due, and the Federal Reserve will release the FOMC minutes.

Here is what you need to know on Tuesday, November 21:

The US Dollar Index (DXY) dropped further and fell to 103.45, reaching its lowest level since late August. Risk appetite and lower Treasury yields weighed on the Greenback. In the short term, the US Dollar remains vulnerable even though the US economy is growing while the Eurozone and other economies are nearing recession.

Regarding economic data, Tuesday's data from the US includes Existing Home Sales and the Chicago Fed National Activity Index. The Federal Reserve (Fed) will release the minutes of its latest meeting.

EUR/USD extended its gains above 1.0900 to the 1.0950 area. The bias is to the upside, but technical indicators show overbought conditions that could point to consolidation before another leg higher.

GBP/USD rose above 1.2500, surpassing the 100-day Simple Moving Average (SMA). The pair maintains a bullish bias due to the weaker US Dollar. On Tuesday, Bank of England (BoE) Governor Bailey and members of the Monetary Policy Committee will face lawmakers to discuss the Monetary Policy Report.

USD/JPY also continued its downward trend for the third consecutive day, accumulating a decline of more than 300 pips. The pair fell towards 148.00 and remains under pressure.

AUD/USD jumped, breaking above 0.6550 to fresh monthly highs. The next significant resistance stands at 0.6600. Reserve Bank of Australia (RBA) Governor Michele Bullock will deliver a speech on Tuesday. The RBA will also release the minutes of its latest meetings.

USD/CAD posted modest gains, with the Canadian Dollar being among the worst performers, even despite crude oil's rally. The pair is facing resistance at 1.3770 and is supported by the 55-day SMA at 1.3660. Canadian data due on Tuesday will show if inflation continues to approach the 2% target or if fresh pressures emerge. The Federal Government will release the Fall Economic Statement.

Canada CPI Preview: Forecasts from six major banks, inflation to decelerate further


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