Forex Today: Quiet start to the Thanksgiving week

Here is what you need to know on Monday, November 20:

Financial markets remain calm to start the new week. The US Dollar (USD) Index fluctuates in a narrow range below 104.00 following the previous week's sharp decline and US stock index futures trade modestly lower on the day. Construction Output will be featured in the European session on Monday and there won't be any high-tier data releases from the US. Later in the day, market participants will keep a close eye on the outcome of the 20-year US Treasury note auction.

During the Asian trading hours, the People's Bank of China announced that it left the Loam Prime Rate unchanged across the time curve, maintaining one-year and five-year LPRs at 3.45% and 4.20%, respectively. Hong Kong's Hang Seng Index was last seen gaining more than 1.5% on a daily basis and the Shanghai Composite was up nearly 0.5%. AUD/USD gained traction and climbed to its highest level since August 10 above 0.6550. Early Tuesday, the Reserve Bank of Australia (RBA) will release the minutes of its latest policy meeting and Governor Michele Bullock will be delivering a speech.

EUR//USD rose more than 2% in the previous week and advanced beyond 1.0900 for the first time in over two months. The pair continued to stretch higher toward 1.0950 in the Asian session on Monday but struggled to preserve its bullish momentum. 

Following the downward correction witnessed in the middle of last week, GBP/USD advanced toward 1.2500 ahead of the weekend. The pair holds its ground early Monday and clings to small daily gains. Bank of England (BoE) Governor Andrew Bailey is scheduled to speak later in the day but he is unlikely to comment on the policy outlook. Later in the week, several BoE policymakers, including Bailey, will testify before the Treasury Select Committee.

USD/CAD went into a consolidation phase near 1.3700 after posting small losses in the previous week. Statistics Canada will publish Consumer Price Index (CPI) data for October on Tuesday.

USD/JPY extended its slide after breaking below the key 150.00 level late last week. The pair stays under bearish pressure on Monday and was last seen losing 0.4% on the day below 149.00. 

After rising to its highest level in nearly two weeks above $1,990 on Friday, Gold erased its gains to close the day flat. On a weekly basis, however, XAU/USD rose more than 2%. Early Monday, the pair stays relatively quiet near $1,980.