News

European Forex news roundup: The dollar’s ascension continues.

  • 24 November, 2021
  • 5:44 pm EET

European Forex news roundup: The dollar’s ascension continues.

Forex market news from the European trade session on November 24, 2021

It was a nice day with some back-and-forth action, but the mood music in FX remains the same as it has been for the past two weeks, with the dollar pushing higher and EUR/USD driven to new sixteen-month lows.

In the equity market, European indices opened higher only to slide and trim gains as sentiment softened, while US futures slipped from moderate gains to become negative for the session.

There were no special headlines, but concerns about the COVID-19 situation in Europe, as well as some softer statistics, did not improve the mood.

EUR/USD fell from 1.1230 to 1.1205, although buyers are still holding a defense slightly above 1.1200 for the time being. Meanwhile, the USD/JPY rose from 114.90 to 115.10, erasing earlier losses, while Treasury rates also recovered prior losses to trade flat.

GBP/USD remained on the defensive as the market gradually fell to 1.3355 as sellers attempted to find new lows since December of last year.

Commodity currencies are also under pressure, with the USD/CAD approaching 1.2700 and the AUD/USD falling from 0.7220 to 0.7200.

The kiwi is the laggard after the RBNZ raised rates by 25 basis points, surprising some of the market’s more hawkish participants who expected a 50 basis point increase.

NZD/USD initially plummeted to 0.6895 before settling around 0.6900-10 levels, but is currently plunging back to establish new lows for the day ahead of North American trading.

 

Markets News :

  • USD leads, NZD lags on the day
  • European equities lower; S&P 500 futures down 0.3%
  • US 10-year yields flat at 1.667%
  • Gold down 0.3% to $1,785.11
  • WTI down 0.1% to $78.44
  • Bitcoin down 1.9% to $56,605

Reliable Trading since 2012