Forex Today: Dollar bends but doesn’t break

Here is what you need to know on Wednesday, November 18:

The greenback remained under selling pressure, falling particularly against its European rivals and the JPY. As the dollar weakened alongside equities, commodity-linked currencies were the worst performers against their American rival. Poor US Retail Sales added pressure on the greenback.

The EUR/USD pair flirted with the 1.1900 level, while GBP/USD neared 1.3300. As it happened with other major pairs, they remained within familiar levels, with no relevant breakouts across the board.

The Sterling Pound was underpinned by market talks indicating that a Brexit deal could be announced as soon as next week. Trade talks have resumed in Brussels, and the encouraging headlines over a breakthrough were partially overshadowed by the potential failure of negotiations, as the two sides are still away on key points. Ireland Prime Minister Micheal Martin said that the UK economy is not prepared for a no-deal Brexit.

Wall Street was unable to extend its rally, and the three major indexes posted daily losses.

Gold prices remained depressed, trading within familiar levels. The bright metal closed the day again below $1,890.00 a troy ounce.

Crude oil prices seesawed between gains and losses, falling on market talks suggesting OPEC+ will extend its output cuts for just three months. Speculative interest was expecting at least a six-month extension. WTI neared $42.00 a barrel by the end of the day, as US indexes trimmed a good part of their intraday losses.

In regards to the US presidential election, President Donald Trump insists on legally disputing Joe Biden’s victory in some states. The different states will certify the results in the next weeks. So far, Georgia is expected to announce it this Friday, and Republican Secretary of State Brad Raffensperger said that he saw no signs of “foul play” in the election’s result. As time goes by, things look worse for Trump.

 Meanwhile, the pandemic in the US keeps worsening. Multiple states have imposed curfews or other social restrictions as coronavirus-related hospitalizations reach record highs, stressing the health systems. The second wave is also taking its toll in Europe, overshadowing vaccine hopes.

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