Forex Today: Choppy action continues as focus shifts to BoE hearings, mid-tier data releases

Here is what you need to know on Tuesday, November 19:

In the absence of high-tier data releases, the US Dollar (USD) corrected lower to start the week. The action in financial markets remain choppy early Tuesday as investors await Bank of England's (BoE) Monetary Policy Hearings. Later in the day, Consumer Price Index (CPI) data from Canada will be watched closely by market participants. The US economic docket will feature Building Permits and Housing Starts figures for October.

Following the impressive rally seen in the previous week, the USD Index turned south on Monday and closed the day in negative territory. In the European morning on Tuesday, the index fluctuates in a tight range above 106.00. Meanwhile, US stock index futures trade marginally higher after Wall Street's main indexes closed the first day of the week mixed.

The Reserve Bank of Australia (RBA) published the Minutes of its November monetary policy meeting in the Asian session on Tuesday. "It is not possible to rule anything in or out regarding future changes in the cash rate," the RBA reiterated in its publication and said that the board would need more than one good quarterly inflation report to justify a rate cut. After gaining 0.7% on Monday, AUD/USD continues to edge higher and was last seen trading in positive territory above 0.6500.

The broad-based USD weakness and rising crude oil prices weighed heavily on USD/CAD on Monday and the pair lost over 0.5%. In the European morning, the pair moves sideways slightly above 1.4000. Annual inflation in Canada, as measured by the change in the CPI, is forecast to rise to 1.9% in October from 1.6% in September.

Japan's Finance Minister Katsunobu Kato repeated on Tuesday that they are "closely watching FX moves with the utmost sense of urgency," adding that they will continue to take appropriate action against excessive moves. USD/JPY closed marginally higher on Monday before retreating to the 154.50 area early Tuesday.

BoE Governor Bailey and other members of the Monetary Policy Committee will respond to questions before the Treasury Committee starting at 10:15 GMT. GBP/USD snapped a six-day losing streak on Monday but lost its bullish momentum before reaching 1.2700.

EUR/USD gained more than 0.5% on Monday before going into a consolidation phase at around 1.0600 early Tuesday. Eurostat will release revisions to October Harmonized Index of Consumer Prices readings in the European session.

Gold gathered bullish momentum and rose nearly 2% on Monday. XAU/USD continues to stretch higher in the European morning and was last seen trading above $2,620.