Forex Today: US Dollar weakens as holiday-shortened week starts

FXStreetNov 25, 2024 7:10 AM

Here is what you need to know on Monday, November 25:

The US Dollar (USD) Index opened with a bearish gap after closing the previous week in positive territory. IFO business sentiment survey from Germany will be featured in the European economic docket. Later in the day, Chicago Fed National Activity Index and Dallas Fed Manufacturing Business Index from the US will be looked upon for fresh catalysts.

US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Euro.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.61%	-0.53%	0.22%	-0.10%	-0.26%	-0.06%	-0.11%
EUR	0.61%		-0.09%	0.21%	-0.08%	0.28%	-0.03%	-0.08%
GBP	0.53%	0.09%		0.31%	0.01%	0.37%	0.06%	0.01%
JPY	-0.22%	-0.21%	-0.31%		-0.30%	-0.03%	-0.20%	-0.12%
CAD	0.10%	0.08%	-0.01%	0.30%		-0.01%	0.05%	-0.03%
AUD	0.26%	-0.28%	-0.37%	0.03%	0.00%		-0.30%	-0.35%
NZD	0.06%	0.03%	-0.06%	0.20%	-0.05%	0.30%		-0.05%
CHF	0.11%	0.08%	-0.01%	0.12%	0.03%	0.35%	0.05%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

News of Donald Trump selecting fund manager Scott Bessent as the US Treasury Secretary triggered a sharp decline in US Treasury bond yields as the weekly opening and caused the USD to come under pressure. At the time of press, the benchmark 10-year US Treasury bond yield was down more than 1.5% on the day below 4.35% and the USD Index was losing 0.55% at 106.90. Meanwhile, US stock index futures were last seen rising between 0.6% and 0.4%.

Reporting on this development, Reuters quoted Stephen Spratt, strategist at Societe Generale, saying "the market view (is) that Bessent is a 'safe hands' candidate."

"A relief as the risk of a more unorthodox pick was priced out of markets and as Bessent has mentioned restraining US borrowing," Reuters said.

After losing more than 1% for the third consecutive week, EUR/USD benefits from the broad-based USD weakness and trades decisively higher on the day at around 1.0500.

GBP/USD started the week decisively higher and was last seen trading at around 1.2600, where it was up more than 0.5% on a daily basis. Bank of England Deputy Governor Clare Lombardelli and Monetary Policy Committee external member Swati Dhingra will be delivering speeches later in the day.

Gold rose nearly 2% in the previous week but declined sharply early Monday, pressured by improving risk mood. XAU/USD was last seen trading below $2,670, losing 1.8% on the day.

Despite the selling pressure surrounding the USD, USD/JPY's losses remain limited early Monday as the Japanese Yen struggles to find demand as a safe-haven on Monday. At the time of press, the pair was down 0.3% on the day at around 154.30.

Reviewed byTony

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.