Here is what you need to know on Thursday, November 26:
The dollar posted losses against all of its major rivals, but once again, there were no critical breakouts. The market’s optimism faded on the back of Brexit woes and tepid US macroeconomic data.
GBP/USD approached 1.3400 despite discouraging Brexit news. European Commission’s chief Ursula von der Leyen, who warned a Brexit deal is far from certain. Also, the EU’s chief negotiator Michel Barnier has menaced to pull out of the negotiation table if the UK is not willing to compromise on the outstanding issues. Fisheries are at the top of the conflicts’ list.
The EUR/USD pair extended its advance to 1.1929, while AUD/USD reached 0.7373, both a few pips above their previous monthly highs. USD/CAD fell to 1.2985.
The FOMC published the Minutes of the November 4-5 meeting. The document showed that policymakers judged immediate adjustments to the pace and composition of asset purchases were not necessary. However, policymakers further noted that circumstances could shift to warrant such adjustments.
Gold consolidated losses, posting a modest intraday advance but closing the day unchanged around 1,806.00.
Crude oil prices continued to rally, with WTI reaching $46.23 a barrel. The EIA weekly report provided support, showing that US stockpiles were down by 0.754 million in the week ended November 20.