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Forex Today: US Dollar Index climbs to fresh 19-month high, Gold drops below $4,000
Here is what you need to know on Thursday, November 12:
Australian Dollar drops to fresh low since January, further below 0.6850 vs bullish USD
The AUD/USD pair drifts lower for the third straight day, also marking the fifth day of a negative move in the previous five, hitting a fresh low since January during the early European session on Thursday.
US Dollar Index Price Forecast: Rally likely extend towards 104.00
The US Dollar (USD) outperforms its major currency peers, except the Japanese Yen (JPY), on Thursday, amid fears that the Federal Reserve (Fed) could turn aggressive on its current monetary tightening cycle to contain elevated inflationary pressures.
USD/CAD Price Forecast: Strengthens above 1.4250, retains positive bias above 100-day SMA
The USD/CAD pair gains momentum to around 1.4260 during the early European trading hours on Thursday. Falling crude oil prices exert some selling pressure on the commodity-linked Canadian Dollar (CAD) against the US Dollar (USD).
WTI declines below $85.00 on hopes for Ukraine peace talks, oversupply worries
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $84.75 during the early European trading hours on Thursday. WTI falls amid hopes for progress in peace talks over the Middle East and Russia-Ukraine, and growing US inventories.
BoJ's Asada warns rate hikes could push down underlying inflation given consumption lacks momentum
Bank of Japan (BoJ) board member Toichiro Asada said on Thursday that the central bank must be mindful of risk rate hikes that could push down underlying inflation given consumption lacks momentum.
Swiss Franc holds gains against US Dollar despite hawkish Fed outlook
USD/CHF inches lower after two days of gains, trading around 0.8330 during Asian hours on Thursday.
USD/JPY Price Forecast: Enters fresh upside leg on consolidation breakout
The Japanese Yen (JPY) outperforms its major currency peers on Thursday. Against the US Dollar (USD), the Asia-Pacific currency is marginally higher even as the US Dollar Index (DXY) hits a fresh 18-month high at 103.08 during the day.
GBP/USD Price Forecast: Seems vulnerable below 1.3300 amid bullish USD, ahead of UK GDP
The GBP/USD pair drifts lower for the third straight day – also marking the fifth day of a negative move in the previous six – and drops to a fresh four-week low during the Asian session on Thursday.
Indian Rupee corrects after hitting a fresh six-month high
The Indian Rupee (INR) corrects against the US Dollar (USD) on Thursday after posting a fresh six-month low. The USD/INR pair rebounds to near 94.00 from the day's low of 93.65 as the US Dollar extends its advance.
EUR/USD Price Forecast: Declines below 1.1100, negative outlook remains intact under 100-day SMA
The EUR/USD pair declines to near 1.1080 during the early European trading hours on Thursday. A cautious stance from the European Central Bank (ECB) weigh on the Euro (EUR) against the US Dollar (USD).
Silver Price Forecast: XAG/USD flirts with trading range support, holds above $51.00
Silver (XAG/USD) edges lower following the previous day's two-way price swings, retesting the weekly trough around the $51.20-$51.15 area, during the Asian session on Thursday.
Gold weakens below $3,950 as USD bulls retain control amid Fed hike bets, Iran risks
Gold (XAU/USD) attracts heavy follow-through selling for the third straight day on Thursday, sliding further below $3,950 during the first half of the European session.