Forex Today: Powell nominated for a second term boosted the greenback

What you need to know on Tuesday, November 23:

The American dollar is the overall winner once again, reaching fresh 2021 highs vs the EUR and multi-month highs vs other major rivals. Most of the dollar’s strength came from US President Joe Biden, who nominated Jerome Powell for a second term as chair of the US Federal Reserve. Lael Brainard, who reportedly was the other top candidate for the position, will become the new vice-chair. President Biden said that he believes Powell to be the right person to pursue the goal of full employment and tackle inflation.

EUR/USD nears 1.1200, as the shared currency is suffering from what it seems the toughest covid wave so far. The situation has become critical in countries such as Austria and Germany, and restrictions are falling into place while facing strong opposition.

US Treasury yields advanced, with that on the 10-year note reaching 1.60%, helping USD/JPY to near the 115.00 region.

Commodity-linked currencies are down to roughly two-month lows on the greenback’s demand, with the AUD/USD pair around 0.7220 and USDCAD challenging the 1.2700 level.

Gold prices plunged on the dollar’s strength and trades at $1,803.00 a troy ounce. Crude oil prices ticked higher, with WTI currently hovering around $76.70 a barrel.

Stocks were mixed in Asia and Europe but edged higher in the US. Wall Street managed to shrug off the sour tone of their overseas counterparts and ended the day in the green.

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