Forex Today: US tariffs and Trump hurt the risk-linked sentiment

The Greenback rose to fresh tops on the back of the firm resurgence of the "Trump trade", while investors warmed up for the release of US data and a slew of Fed speakers due later in the week.

Here is what you need to know on Tuesday, November 12:

The US Dollar Index (DXY) advanced to new four-month peaks around 105.70 boosted by investors' reassessment of potential Trump policies and the impact on the Fed's easing cycle. The NFIB Business Optimism Index is next on tap seconded by the RCM/TIPP Economic Optimism Index, and Consumer Inflation Expectations. Additionally, the Fed's Waller, Barkin, Kashkari, and Harker will be speaking.

EUR/USD collapsed to the 1.0630 region following the strong performance of the Greenback on Monday. The final Inflation Rate in Germany along with the Economic Sentiment tracked by the ZEW Institute in both Germany and the Euroland will take centre stage on the domestic calendar. In addition, the ECB's Cipollone is due to speak.

GBP/USD added to Friday's retracement and flirted once again with recent lows in the mid-1.2800s. The release of the UK's labour market report will be at the centre of the debate.

USD/JPY made a firm reversal, set aside two straight daily pullbacks and retargeted the 154.00 barrier amidst a stronger US Dollar. The October's Machine Tool Orders will be the only date release in "The Land of the Rising Sun".

Further gains in the Greenback prompted AUD/USD to add to Friday's deep decline and revisit the 0.6560 zone. The Westpac Consumer Confidence Change and the NAB Business Confidence are due.

Prices of WTI sold off to fresh two-week lows in the proximity of the $68.00 mark per barrel on the back of further Dollar's strength and omnipresent demand concerns from China.

Prices of Gold weakened to multi-week lows and came at shouting distance from the key support at $2,600 per ounce troy in response to the continuous buying pressure in the Greenback. Silver prices faced the same destiny, retreating to five-week lows around $30.40 per ounce.