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The US Dollar traded sideways on Wednesday, November 20th, as geopolitical tensions between Russia and Ukraine continued to dominate market sentiment. Investors sought safety in the US Dollar, driving demand for the currency. However, a decline in US Treasury yields tempered the greenback’s strength.
Key economic events to watch this week include a series of releases from the US, Eurozone, UK, Japan, and Australia. In the US, investors will be monitoring secondary economic data, including MBA Mortgage Applications and the EIA’s weekly report on US crude oil inventories.
The Eurozone will see a flurry of economic releases, including ECB Negotiated Wage Growth, EMU Construction Output, and Germany’s Producer Prices. Additionally, speeches by ECB officials Lagarde and De Guindos will provide insights into the central bank’s monetary policy outlook.
In the UK, the highly anticipated inflation report will be the main focus, as it could significantly impact the pound sterling. Japan will release its October Balance of Trade data, while Australia’s economic focus will be on the Westpac Leading Index.
The US Dollar’s direction will likely be influenced by a combination of geopolitical factors, US Treasury yields, and the upcoming economic data releases. Investors should closely monitor these developments to gauge the potential impact on the currency market.
