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USD
EUR/USD
The single currency slammed to $1.1234 before recovering to $1.1335 as Federal Reserve Chair Jerome Powell signalled a faster taper of stimulus in testimony to Congress.
GBP/USD
Sterling bogged down to $1.3322 on comments from BoE policymaker Catherine Mann that the Omicron variant could hit demand while citing it is too early to talk about rate hikes.
USD/JPY
Japanese yen collapsed to 113.42 against the dollar following BioNTech's chief executive struck a cautiously optimistic note, saying the vaccine collaborated with Pfizer would likely offer strong protection against Omicron.
USD/CAD
The Canadian dollar jostled to 1.2736 per dollar amid a recovery in crude oil prices, Canadian GDP in focus later.
AUD/USD
Aussie vaulted to $0.7165 as upbeat Australian Q3 GDP overshadowed China's Caixin Manufacturing PMI contraction.
USD/ZAR
South Africa's rand bolstered to 15.79 per dollar, benefiting from a weaker dollar on positive news from Omicron's repercussion developments.
USD/MUR
The dollar-rupee languished at 43.42(selling) on the local market.
12:55 - EUR - German Manufacturing PMI (Nov)
13:30 - GBP - Manufacturing PMI (Nov)
17:15 - USD - ADP Nonfarm Employment Change (Nov)
18:00 - GBP - BoE Gov Bailey Speaks
19:00 - USD - Fed Chair Powell Testifies
19:00 - USD - ISM Manufacturing PMI (Nov)
19:30 - USD - Crude Oil Inventories
The dollar Index extends its intense rebound near the 94.00 threshold, clinching a new high for this year 2021 amid an earlier rate hike expectation and announcement of a nearing tapering asset purchase which clearly impacted the yield curves.
A tightening of monetary policy by the European Central Bank remains far in the future but ECB remains vigilant on its inflation figures yet to be released this Friday. This could give additional upward momentum on the USD in the near term and exerts additional selling pressure on the euro and the pound.
On the technical side, after a breach and close above the 100% retracement A-B-C (93.72 level) ,the greenback could easily approach the 113% level at 94.38 followed by 127% level – 94.98 level in the near term. Resistance at 96.47 (161.8%) remains key level to watch
1.3750 marked the completion of ‘wave e’ of the triangular retracement (wave B) of corrective move A-B-C for GBPUSD and abruptly, we saw fresh sellers entering the market below the 1.3600 levels yesterday.
As per Elliott wave principle, GBPUSD is battling around 1.3515 levels and higher inflation, Brexit and Petroleum concerns could exert further pressure on the pound towards 1.32 levels towards completion of wave C.
A breach and close above 1.3750 nullify this downward pattern.
