Forex Today: Dollar retains its strength in dull trading
What you need to know on Friday, November 26:
Little happened on Thursday, as US markets were closed due to the Thanksgiving holiday. Markets will work shortened hours on Friday, and muted trading is expected to continue. The bullish dollar’s momentum took a breather, but the American currency maintained its leadership.
The EUR/USD pair surged to 1.1229, ending the day just above the 1.1200 figure. The coronavirus is taking its toll on the region, spurring concerns about the economic recovery.
So far, some Eastern European countries opted for strict lockdowns, while France announced on Thursday booster shots, refraining from imposing restrictions. Portugal declared a state of calamity and announced new restrictions due to the rise in cases, while Germany is expected to announce a decision on the matter on Friday, as cases in the country stand at record highs.
The GBP/USD fell to 1.3304, a fresh 2021 low, to end the day pretty much unchanged in the 1.3320 price zone, undermined by Brexit jitters. The French Fishing Association Body would be taking action on Friday to block French ports, and the Channel tunnel as the UK failed to grant fishing licenses.
USD/JPY trades in the 115.30 area, unchanged on a daily basis. Commodity-linked currencies remained unchanged vs the greenback, with the AUD being the weakest.
There was no activity in gold markets, with the bright metal steady around $1,790 a troy ounce. Crude oil prices ticked lower, although the barrel of WTI held above $78.00.
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