FOREX NEWS

ForexLive Americas FX news wrap: US dollar slides late – ForexLive


Forex news for North American trade on November 19, 2020:

Market:

  • Gold down $8 to $1864
  • WTI crude up 11-cents to $41.93
  • US 10-year yields down 2.1 bps to 0.8488%
  • S&P 500 up 13 points to 3581
  • EUR leads, AUD lags

When you look at the daily tally, the moves are modest and that’s a good reflection of the overall mood. There was no virus or economic data that caused a rethink for anyone but there remains a focus on Brexit as GBP sagged early but found a footing later.

There had been some risk aversion and the US dollar was solid at the start of New York trade but it unwound as the day wore on, in part due to signals that Congressional leaders were meeting on stimulus.

The euro made a particularly large move late as it climbed all the way to a session high at 1.1880 from as low as 1.1816 in early New York trade. The highs earlier this week at 1.1894 and 1.1891 are resistance levels to watch.

The Canadian dollar paced the commodity currencies as AUD and NZD gave back a small portion of recent gains. USD/CAD hit 1.3123 early in Europe but grinded lower from there down to 1.3065.

Gold was in focus early in trading as it quickly dipped to $1852 in a six dollar fall after initial jobless claims. The $1850 area has been a key support level for the past two months and it held as priced bounced to $1864 but the bulls are far from declaring victory.

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